All Forum Posts by: Melissa Wedell

 Is there a list that you know of that discusses the legal deductions you can take?  Or is it easier to just track everything and turn over to your CPA?  I literally love spreadsheets and will track everything in sections if needed! 

@Doug McVinua that's fantastic!  I'm still a few months out (planning May 1st move date) so I will keep this in my back pocket. 

It's ok he's a Hawkeye fan, I won't hold it against him.  I went to DePaul and they're useless. Lol/crying on the inside. 

 Yes this is very informative.  I was indeed talking about income tax on the profits I would make.  It sounds like I'll have to check with Arizona laws as to paying the taxable income once the guest checks out since it sounds like that varies by state.  Thank you!

Thanks! I will reach out. 

And thank you for the insight.  I'll check local tax laws. I have a feeling AirBnB takes them out in AZ.

 Thank you, Awesome answer. I do plan on being there very long term as a buy and hold. But I am thinking I would def have to check with my lender to ensure they would lend on that since I'm a 1st time home buyer.   Love this info and I'm reconsidering more!

Hello! We are looking to start AirBnb'ing a property and wanted to know about taxes. I assume all income made off the property is taxable income so what's the best strategy here? I was looking to take out 20% of income and save it for tax time. Would that work? Should we start an LLC and keep the AirBnB in there?

Any insight would be amazing!  Thanks!

@Caleb Heimsoth can you elaborate at all? personal story?  opinion?  I'm a millennial.  I need the WHY you wouldn't mess with it.

@Brandon Sturgill looking into some of that right now with my realtor!  I will ask those specific questions.

@Pamela Sandberg i don't want to resell quickly.  I want to hold it and AirBnb or rent it out.  With the numbers on this one, the $180 doesn't kill it, I'm comfortable with it.  I'm really looking at this as a buy and hold for a long time.  As far as the "don't do it" people, it seems like ones I read were really not aware of what was going on.  So I just want to arm myself with as much  knowledge as possible and make the right call. 

Doing some research, it looks like the land was sold in 2015 and is under a 60 year term so even with a 30 year mortgage, I'd be fine.  The next thing I'm trying to find out is if the $180 is fixed or if that would go up or something crazy would happen.  just what are the terms of it. 

I am looking at a property in Phoenix area and I found out it is on a land lease. Everything I've researched online is a very mixed bag of everything from "it's fine" to "don't do it". From what I've read, it seems like the condo itself should be priced lower than something that's like a Townhome (since you'd own the land) and I have to pay the Mortgage, HOA, and Land Lease. For reference, the numbers are about $700 P&I, $180 HOA, $180 Land Lease monthly.

Am I being paranoid?  Aren't all condos non-land owning?  I'd love any insight anyone has!  thank you! 

Wow thank you for all the warm welcomes and amazing advice already! I'm excited to start this new life journey!!! :-)