All Forum Posts by: John Buchanan

When a Single Member LLC owner passes away, does the beneficiary receive not only the full step-up cost basis at death of the owner, but also starts a new depreciation schedule (without having to recapture the prior owner's depreciation)? are there any negatives for a beneficiary if the property is set up as a Single Member LLC?

thanks!

Im changing the duplex from a central air HVAC to a ductless mini split system from Mitsubishi.  unique aspect is each room will have its own "head" (independent AC/Heat system), with 2 outside compressor units.  each inside head is less than $1,000.  while the outside compressor/fan units will be over $2,500.    not sure if that cost segregation qualifies for the safe harbor rule?

Im purchasing 15 windows (and having them professionally installed). cost of the total job is $10,000 (or approx $650 per window).   if that has any potential for qualifying for the safe harbor rule?  thank you all for the feedback/information

my duplex needs new windows and a new HVAC. my understanding is these two items might qualify for the 100% bonus depreciation.  the property has generated very little rental for 2018.  is it possible to pay for these costs in 2018, but do a full depreciation expense in 2019? 

thank you

I recently bought a duplex that Im house hacking, living in one of the units. its a fixer upper and both units need considerable work.  at some point in the future, I'll move out and rent the unit Im living in.  ive searched, without getting a clear answer, how to handle improvements to my unit. obviously at this time no expenses can be deducted, but once its converted to a rental unit, can any of the costs for improvements then be taken over time as depreciation?  curious if there are smart tax strategies to get the most out of improvements?  thanks!

Ben, where's the property?

Im looking to start a property management firm (prefer to buy an existing business vs. start from scratch).  I'm interested to get feedback from anyone who is actively running a prop mgt business, how many properties do they feel a solo property manager can realistically manage (assume single properties, condos, house, etc.  realizing multifamily is a different level of involvement)?  and any tips/experience on maintaining a great work/life balance while running a prop management business?

thank you

John

Does anyone have a registered agent (local to the area) they could recommend? (for an LLC)

thank you

anyone have experience with Cardinal Innovations as a landlord? I'm told it's not the same as Section 8. Curious if anyone has experience renting to someone with the program.

Thanks

Hi Kelly, there are several real estate meetups in the nova area.  helpful for networking real estate deals

this is a good group

http://www.meetup.com/FairfaxRealEstateInvestingRo...

John