All Forum Posts by: Paul Wiseman

Thank you kindly Bud. Appreciate you.

Best

Hi All. Wishing Everyone a Great Day

I own a duplex in Oak Ridge, TN and am looking for the best and safest way to collect rent electronically while at the same time not making it too complicated for my tenants. I obviously do not want to give my tenants my bank account number so I would rather deal with their financial institution directly if that is possible.

Any suggestions will be greatly appreciated.

Since I occupy one of the duplex units does that mean I can only deduct 1/2 of the depreciation from my gross income?

I guess the same goes for maintenance and repairs as well, that I can only deduct what I spent on the rental unit.

Any other tax tips appreciated.

Take care and stay well all.

Wow, thanks Michael, some awesome advice. I really appreciate you taking valuable time to advise me.

Best,

Paul

I am buying my first duplex, will be living on one side. I am 76 years old and chances are slim that I will ever buy additional rental properties. Not sure if I need a separate bank acct or just comingle proceeds and expenses in my personal checking acct.

Any suggestions will be appreciated.

Best

Andrew, a couple of great tips. I really appreciate it.  I am fortunate in this regard, one tenant has been there 6 years and wants to stay, and the tenant on the side I will live in will be out within a month. It is a ranch style property, both units mirror image each other and are identical in size. All the best and thanks again.

Thanks Kathy for taking the time to help me figure this out. Helpful information. About 50 years ago I lived on Jamieson, seems like a few blocks north of Lansdowne in one of those little bungalow houses across from Lindenwood Park. My rent was $150 a month. I remember that there are some really nice multi-family buildings both North and South of Chippewa. Thanks again and all the best to you.

Buying my first rental property, a duplex. Gonna live in one of the units. Need some tax tips probably obvious to you but not to me. Also, would I need a separate bank account for the rental income collected? Thanks

Scott Pearson, Karl B., Andrew Schrader, Calvin Ozanick, Thanks to all of you for your responses, some very good insight and suggestions. Fortunately there is no carpet in that unit, just wood, laminate, and tile. I really appreciate you all.

All the Best, Paul W., Novice Investor  

Thanks Aaron. I just hate to run off a good paying long term tenant. I guess I'm just a little insecure about finding a replacement tenant since this is my first deal.