All Forum Posts by: Laurie Clarkston

@Basit Siddiqi @ Rob D. @ Mike R.

Thanks, I have 6 rentals currently.  We are always looking for ways to save on taxes due to our income.  We are able to deduct a lot of our farming equipment and it seems pretty straightforward.  The tax breaks with rentals are more difficult to quantify.  My CPA definitely earns his money!

This year I purchased an abandoned church and I am renovating it into 4 apartments.  If I spend $100,000 on the Reno I guess the value of the property increases to what I have invested and then I can depreciate it annually.  I'll have to wait until tax time to see if this is an advantage since I haven't made any money on it yet.

Thanks @Jackson Pontsler and @Lynnette E.  - I use my CPA for all these calculations, which means I don't understand it as well as I should.  I am trying to convince my husband of the tax benefits of rentals (over farming) and was just trying to do a quick calculation on a property we currently have an offer on.  I may just review my taxes from last year and see what it looks like on my current rentals.  

Is there any good place to calculate the specific tax advantage to owning a rental?  For example:  When I purchase a rental, how much money will that save me this year on my taxes?  Besides quickbooks or talking to my CPA.  Just wondering if there is a quick calculator for it.

I live, work, and own 2 rental homes in a small town in south central Missouri. Real estate is my side gig just because I enjoy it. I am currently renovating an abandoned church into 4 apartments.  After I complete this project I plan to purchase next in Columbia, Missouri to diversity to a little larger market not too far from home.  I am spending a lot of time reading through the forums and studying properties and rental rates.  Next step is to find a good agent and property manager in Columbia within the next 6 months - but just a little nervous about landlording/owning from a distance.