All Forum Posts by: LEONID ORLOV

Ashish,

Thanks for your response.

Travel expenses for my business are legit, because I own and explore purchasing other properties in other locations.

The conundrum is that I can't deduct such travel expenses against existing properties income on Sch E.

And have no income from the out of state properties that I am researching for acquisition. As I understand, the only way to expense this activity if I create a business n Sch C and allocate some income from the existing properties which maybe will allow me to expense these business related activities

Thanks again for your feedback

I have multiple rental properties, report all income/expenses oh individual properties Sch E.

when I tried to deduct default calculated home expense TurboTax took me though the maze of questions on bushiness and since I don't have a business, per say, it determined that my business income is not sufficient it looks like it rely on Sch C, which I don't have.

Question:

1. Do I need to reallocate parts of Schedule E income to Sch C and create a sole proprietorship business? Seems convoluted and creates additional taxation.

2. In the absence of Sch C listed business, how I expense travel expenses for exploring out of state opportunities..none of these expenses are allocatable to the existing Sch E properties

Anybody tried STESSA? looks like a terrific website

downloads transaction from one's prop management account that you can categorize, if not already done automatically, gives you dashboard and a good overview of each portfolio

Leonid

This is correct. 

One rule that All self-directed tax deferred vehicles have is no self-sealing. The one can't buy a personal residence using such funds. 

Cant buy or sell to or from a related person all transaction should be arm-length transactions. 

One does not need a custodian.

Open Solo401k, assign yourself as an Administrator. Totally legal.

Place all funds in a non-prototype account named after your Solo401k.

You have a checkbook privilege,

Dawn,

Lose your custodian for IRA.

Instead, open Solo401k Plan. It has exactly the same properties as an employer 401k .. But you can assign yourself as a Treasurer and Administrator. In other words, you have checkbook privileges without junk fees, delays, custodial expenses and other hassles with a third party intermediary.

It also has another unusual feature.. you can put up to 54k a year (maybe more by now) vs. standard 401k limit of 18k or so.

You can invest in almost anything .. the only restriction is a self-dealing. One should buy and sell to and from an unrelated party. It can be a boy/girlfriend but not a wife/husband/parents/children

If you need more details on how to set it up, let me know. This vehicle saved me lots of money.

Regards,

Leonid

Marcus,

I have a number properties in the area, combined increase is 72k .. it doesn't look consistent between even my similar properties located in the area

I can email you the list, but here are few:

7817-19 W Beckett Ave - increase of 11200

4023 N 68 st increase 7500 for SFR

8220 W Muriel PL - increase of 5400

The problem that being out if state owner, I can't just walk in the office

Thanks for generously offering your help

Leonid

Thanks

I will follow up and will report the feedback

Anybody can recommend an attorney or a company that will challenge Milwaukee property values reassessment?

I have hard time to purchase an Umbrella policy. Every Umbrella insurance wants my auto insurance .. but their quote is invariable 2 times the price of my current auto-policy carrier., which does not offer an Umbrella product.

Any word of wisdom?