All Forum Posts by: Mats Daniel Skrede

Yes! This is what I was originally thinking about doing. I'll get everything listed on a spreadsheet, see what it is currently selling for new and then deduce a certain percent off that and that will be the amount I write off. 

 Thank you, Bill! 

1) The property is rented out for short-term stays and the jacuzzi attracts a lot of bookings. It makes no sense to sell it in this regards. 

2) Yes. The first year the property generated around $20K in profits. I rather lower the tax burden on this amount and see what upgrades I can make to the property to reduce profits, increase value, and refinance if needed.

3) Right! This year it looks like the profit will be around $30-$35K.

4) Yes, I will probably replace this CPA anytime soon. Thanks alot! I appreciate all your inputs 

I appreciate the input. The furniture is in great condition and shows little evidence of wear and tear. It was purchased in 2018/2019. Out of this inventory, you have some high-value items such as a jacuzzi which would be around $5000.

I have an accountant, mainly for another business, he does not specialize in real estate. I asked him and he said it would be difficult to get a valuation of the inventory and proposed that I reach out to the tax authorities and ask for a discretionary assessment of around $10K on the inventory that went with the purchase.

Good day, all! 

Last year I purchased my first investment property. In my bid that was accepted, I included in the conditions that I buy the property as is and that everything will be included with the purchase; including appliances, beds, sofa, tv, jacuzzi, outdoor patio, etc. The bid were accepted and we did not set any additional cost for this in the contract. 

Now when doing the tax return for the first year after purchase, how would one go about properly setting a value on all the inventory when writing this off?

Hello, 

We have some mold on the drywall after some tenants moved out. They told us that they had attempted to wash it away, but it came back. We got some mold inspectors to check on it and they told us that it is probably due to poor ventilation in the apartment and the mold appeared in this corner of the living room due to the isolation not being great, making it colder than the other areas of the apartment. They only did a visual inspection.

We have no experience with mold issues, so we are looking to see what you bright minds here think? Would we need to do a test inside the wall to look for moisture? 

And, would we need to replace the drywall, or should we be able to kill off the mold and be fine? We will of course fix the ventilation and/or get a dehumidifier. 

I recently purchased a property that already was listed on AirBNB with bookings for the foreseeable future. I already have an AirBNB account myself for another property, and I see that the general advice is to move the listing over to your account and have the guests re-book their stays on the new listing. The seller agreed that I can take over his AirBNB account if preferred (he only had this listing) and he got a lot of feedback and superhost status. 

The listing I have on my account is for an apartment I generally do long-term rentals on and only do short-term rentals during the summer. I rather want to move this listing and change the account details on the one previously owned by the seller so that I get to keep the feedback and superhost status and then close down my other account. 

The question is, can I do this without having any issues with AirBNB? Anyone with experience in doing this?