All Forum Posts by: Jamie Engledow

@Dan Cournoyer Or, prepare your own tax returns.

@Brandon McLean If you are implying that you can deduct business attire or band attire as an expense on your schedule C-you cannot. Unless your band attire is a costume of a mule or power puff girl that no one in their right mind would ever wear to the grocery store.

@Brandon McLean Dont do that. Just take the home office deduction on schedule C.

@Natalie Kolodij IRC162

@Natalie Kolodij But that individual that manages all those properties himself is NOT a real estate professional if he spends the majority of his time in another profession, for example, a Doctor. I can continue my career as an accountant and own 100 self managed properties, but as long as more of my time is spent as an accountant than managing rentals, I am not a real estate professional.

@Jack B. It all depends on what you use the cash out proceeds for. You must document how this cash was used. If you used the proceeds to purchase a new rental home it may be sch E mortgage interest expense. If you used it to repair your primary home it could be 2nd mortgage with limitation, if you used the proceeds for a new sports car it is personal and no deduction.

@Barb Niehaus Are the bedbugs seriously the tenants problem? Shouldn't the landlord take care of this? I know roaches MAY be attributable to the cleanliness of a home, but I do not believe that bedbugs exist due to any fault of a tenant. I apologize if I misinterpreted the question. Also, roaches sometimes come in from neighbors when houses are close. And here in Florida even the cleanest of homes have Palmetto Bugs. IMO pests are the responsibility of the landlord to manage. It is excessive to deny a new tenant because their prior residence had an infestetion!

@Josef Roberge Well, I guess you are a pioneer setting up an LLC for199A. Honestly, I would not solely for this reason set up a new LLC. The law is complex and depending on your income level may provide you with absolutely no benefit. SE tax has been a given for self employed business owners such with sch c, S Corp, and partnership (including Llc's-disregarded to sch CS or otherwise) for God knows how long and is a fact of life. New legislature, let's see how this goes!

@Joe Davis In south florida electric and cable/internet (unless cable/internet is included with association dues) is usually paid by the tenant. The water, garbage and sewer is a mixed bag and I have seen some paid by tenant and some paid by landlord.

@Sam Philip I can imagine what you are saying, but I haven't seen it yet. Though I have seen a shower with multiple (6) shower heads at different sides and heights. What is wrong with a regular shower or better yet a Roman jetted tub!