All Forum Posts by: Millie Gargurevich

Hi there! you are probably right, David, the funding fee is pretty miniscule in the big picture. The VA loan helped me purchase my first two properties. I've used conventional loans since then. I am going to check out your articles on BP. Thanks for the reply!

I have a hard time understanding why it is that the longer I hold property, the less the annualized return? Does anyone get that concept? It would make sense if it was the other way around since the amount of money you owe is reduced, then it would mean that the amount you make from the rent increases, right? NOPE. 

What are your thoughts on using a VA loan for investment properties? of course, I know I'd have to live in the property for at least a year or two, but I am wondering if the VA fee is worth it, and if others have had luck making the numbers work using a VA loan. What are some benefits and things to look out for?

Thanks for your input in advance! 

Finding a reliable and trustworthy contractor is HARD. Please send me any recommendations you have in the North Louisiana area.

 I second this Nolo Press tax guide.  I used it.  Lots of great info.  One of the things I remember learning from this book is that it's usually preferable to repair rather than replace for tax deductions.  And the home office deductions mentioned are great - you can deduct the percentage of square feet of your house that's your home office for more than you'd think, like your home security, utilities, on and on.  

Thanks for the book recommendation! It looks like the seventeen edition comes out in December 2020, but I can get the 16th edition now. Do you all recommend the 16th edition? or should I wait for the new one to come out? Im guessing the one you all read was the 16th edition? 

https://www.amazon.com/Every-L...

Thanks for all the information and reading suggestions. We hired a CPA to do our taxes last year, and he educated us on a few deductible expenses such as part of our phone bill and car mileage. However, he never mentioned depreciation and I dont think we received any tax benefits for that.

Thanks, Basit. Escrow and purchase price makes sense. As far as currently expensed items, the only tax deductible expenses from buying a house are the loan fees and insurance? what about the realtor costs? 

l am trying to learn more about tax information and determine exactly which expenses are deductible and which aren’t. Specifically, fences, gutters, landscaping, to make the property more competitive for rent.

Also, I am curious to know if any of you have been surprised by any particular deductible expenses that you had not considered. 

Thank you!

This is all super helpful. I have three questions: 1. what part of closing costs are tax deductible?, 2. Can we claim depreciation for new properties? all of our rental properties were built between 2016 and 2020. Finally, 3. do we get any type of tax benefit for property improvements? we've added a fence and gutters to all of our properties. Thanks!!!