All Forum Posts by: Jason Phillips

It would not be a home office it's a separate building. I also would not create a artifical office for deductions. I would use it but irregularly . I wanted to know if there was a minimum amount of time that it must be used To be legally a office.  

hey yall ill try to make this short. I have rental business , a 9 To 5 , and a freelance daycare cleaning job . At my house i own a separate building once used as a business by previous owners. Im using it as a 840 sq/ft storage and garage sale spot. The electric is combined with my house bill .

So my question is should i slap a desk in there and call it a office. How much do i actually have to use it per year for deductions . Is there much of a benefit to having a office ?

thanks in advance for any advice 

Thanks for all the info.  I don't know how I had the deduction wrong in my head. I've got it straight now.

ok so it goes ....income -deductions = tax able income ? i know there lots of variables ,but is this correct ? this makes sense but some how i had it in my head that it went....... income -  % for tax = x - deductions then whats left of x pay in . 

this just made my life harder . 

hello all . i think this is a tax question .  i can do 99% of all my own repairs but my labor is not deductible on taxes . so i want to hire out for repairs up to the point were it starts costing me income. does anyone have a quick way to determine that magic number ? 

jeff pollack : I have never herd of HELOC i will do so reading on it . do you know of the pros and cons ?

so far i don't see any real benefit to self-directed IRA for real estate . anyone know were a good "pro vs con" list is. when would the property become freed from the ira ? i like doing my own repairs .

i do have an ira and it grows so slowly compared to rentals plus i haven't put anymore in for years. edward jones people say to just leave it alone ! i want to do what has the best success rate . the stock market just scares me . i feel like im outside a casino watching someone else gamble with money and i have know control . that money didn't come easy . if i could get it out with out the huge penalties i would have done so years ago .

 this is very interesting . what about repairs , insurance, management fees and ect. is the account allowed to pay for that .

 a few years ago i had 3 vacancy at the same time . for almost 5 mo. still had loan payments , insurance and miscellaneous repairs . i ended up having to use my reverse not a lot but enough that most of that year was just treading water .   this happened while i was looking for another property . it would have been my third loan .   this event showed me that i was leveraged enough . 

  i have no experience in investment accounts so i was wondering if there was a place to put the savings to make as much interest as possible but still have access to it.