All Forum Posts by: Matt D.

Thanks for clarification on the ordinary income, they are less than one year - not long term holdings. The income limitation shouldn’t be an issue, and I will certainly select a vehicle that fully qualifies for the deduction (gross weight, etc.). The usage for business could be tricky, I would certainly use it for some personal - but currently don’t have a personal vehicle now (work from home, I use wife’s vehicle when needed currently). I guess I would need to track and prorate miles usage between business and personal...

Can you take a section 179 deduction for a vehicle purchase and offset taxes as a sole proprietorship?  Have not been operating under a business/llc, just under my own name.  Have some capital gains on short term flips I’d like to try to offset.....

thanks!!!

Idea for saving money for landlords who provide garbage collection... i havent purchased my property yet, but in reviewing the current landlords expenses i ran across a $150 a monthe dumpster service for the property. BAM $150 fixed expense not going away and likely to increase in the future. My idea to mitigate this expense was to purchase a pull trailer that hooks up to truck via hitch. prefer one with a ramp that drops down for easy unloading. I would build a box on this to protect from elements with a sliding door just like on dumpsters to keep critters out. in my area there is actually a free dump. once a week or however frequent needed dump it for free or pay maint man to do it. have your money back in a year. Bout 750 for new trailer, couple hundred for building on to it.

Thanks Steve and Kurt for the feedback.. My thinking was that an llc would would benefit more protection of personal assets while still being able to set up rules roles responsibilities for each owner of the llc, while having the same pass through of income for tax purposes. Some more details on the property... current month rent income of approx 3200, with one of the houses vacant. est 500 for the vacant house and im going to shoof for 190k on the purchase price (2% rule).

New to this forum, what i've seen this is an awesome resource... So here it goes, question about how to structure the rental property; llc, land trust, personally own with umbrella? I have saw he threads on here about this subject, but the more i read the more i go back and forth on it. So, below is the situation, hopefully based on it you all will see the clear way to go!

First property, im 25
going into business with mother
property consists of 3 houses, 7 single wide mobile homes.. all 10 dwellings on same piece of land
will be financing (as little down as possible to max leverage)
net worth is < 30k

thats the deets!!! let me know what you think, if more info is needed let me know