All Forum Posts by: Nathan M kiefer

Quote from @Nathan M kiefer:

Quote from @Basit Siddiqi:

30 days to receive the refund on an amended return is impressive.

The IRS is currently suggesting 12-16 weeks to process an amended return.

I agree it took about 2-3 months to do cost seg and file the 3115. After that and having a good cpa- once it was submitted it's a matter of reviewing. In the end they ended up adjusting the return up +$1000. 

 Sorry, I am a little confused

Are you saying that the net refund that you received from the IRS / States to be $1,000?
If the refund was an additional $1,000, you may have to question if it was worth it.

If you did a DIY Cost seg, you likely paid around $600
If you went the other route, you likely paid $2,500+

The cost to the accountant to prepare the amended return was likely $500+

30 days to receive the refund on an amended return is impressive.

The IRS is currently suggesting 12-16 weeks to process an amended return.

We did a cost seg amended return for a sizeable refund on our two strs in Myrtle beach. Wondering what others have experienced once the amended return is filed with IRS as far as a timeline on when I will receive my return?

I know boiler plate response is 12-16 weeks but really want to know what people are ACTUALLY experiencing.

Thanks all 

Still had a better weekend than I, I think.  Guests shot off fireworks (even though we told all guests not to).  Put hot embers in trash can.  Trash can catches fire.  House catches on fire.  Rental Mercedes catches fire.  Fire Dept arrives and garage door is melted, car is melted.

Guests call us the next day and tell us the neighbors shot fireworks and hit the house and started the fire and we owe them for damages.

We get 3 different camera angles from neighbors clearly showing everything.  One guy plays for the NFL.  Would be a shame if the Colts find out their drunk player started a fire and does not want to pay for damages :)

So I got a text from my cleaner that the washer wasn't working. It would go for about 3 minutes then flag an error LO FL. It is a Maytag mid grade front loader.

That error is low flow on the water. Luckily I was driving over with my son to move all his stuff from his apartment to a storage unit at WSU so he can move into a single apartment for his grad school work.

I was thinking it was the 2 water line screens. The city of Harrison ID where our lake house is located have been upgrading the water system. New well, improved pumps and the 2nd well was just turned on. Guests reported some brown water for a short time. I figured the screens had some debris. No big.

I get to the house and get started. I see the trim ring around the outlet box is falling off. It takes me 2 seconds to see that someone turned off the valves. What? Why would anyone do that? Makes no sense. I was able to wash all the laundry overnight before we had to head to WSU and get rolling.

Plus someone stole one of the small heaters I keep in the closets for winter guests if they need extra heat upstairs....dammit....

Thanks @Nathan M kiefer. That is a decent return for your cost seg.

Keep us posted.

That is an excellent question. I have seen folks get them done, but none have ever said how long it took.

I am curious how sizeable is sizeable. My biggest concern with cost seg studies that produce a large rebate is does that flag for audit.

You don't need to say how much but did you get any info on IRS flags for something like this?

I have been an landlord for 6 years and own 6 properties. All of my tenants are long term tenants and my property is managed by a property management company. So all the rental income is passive for tax purposes. 
I also make W2 income. I would like to purchase short term rentals and be able to qualify as a real estate professional and deduct against by active income taxes. I am thinking of purchasing an airbnb/vrbo property and have several questions.

1. Can I hire a property management company to run my airbnb or can I at least hire a company for cleaning and maintaining?

2. How do I show that I have worked for at least 100 hours per year to qualify as real estate professional?

3. Where can I learn more about this topics on saving taxes using short term rentals?

Thank you,

Brad