All Forum Posts by: Jamie Engledow

If you are filing a F1065 and have zero experience in filing a 1065 and zero college tax education and zero work experience with taxes and zero gross receipts along with expenses, you really need to speak with a CPA.

Yes, you need to issue F1099 to any individual that you paid $600 or more to.  For a reason I do not understand, you do not have to issue to a Corp.  So, you need to get Ss#s from your maintenance contractors to issue them F1099.

You might want to opt for the opinion.  And I see 3 schedule Es and 2 schedule cs (one for the non_related and one for construction)

The 3rd Sch C, I am assuming you create because it owns the 3 rentals (but remember it is disregarded, so it poof! Turns into 3 schedule Es and no schedule C for management of the 3 rental properties) I am not sure if necessary, and why didnt you capital ize the saw and other tools with the construction sch C?  You have a complicated scenario and I may be missing a piece-just calling it how I see it.

It was actually "Homesteps" their was a 5% down owner occupant program, was trying to find out if it applies to duplex throgh fourplex, finally found out it does not, only SFR.

What do you mean?  I make my own excel spreadsheets, dont you?  Excel is like Word to me.  When I write a letter I use word.  When I want to display calculations to someone I prepare a spreadsheet in Excel.  And then sometimes I also copy and paste that excel spreadsheet into my word document letter.

I have always had a 30 minute or more commute.  Will the basement conversion be large enough for your future needs?  Did her parents say how long you cpuld stay?  I mean if it only cost you $4,000 that is less than four months at your current place.  If there is no cutoff to how long you can stay and if you are hoping for marriage and children in the fiture and the basement apartment was big enough, or conversly if you don't want to expand your family, just so long as you know you have at least 6 month rent free, you are probably good.  But, you do have to weigh the inlaw factor.

Shoveling snow is a small investment, buy a snow shovel less than $20 or borrow your parents snow shovel or snow blower.  Raking leaves or blowing leaves, same concept, buy good leaf rake, less than $20.  Or, use parents leaf blower.  Lawnmowing- use parents or buy for small amount off craigslist.  Other jobs frequently needed are painting, pet care, child care, house cleaning, livestock care, personal assistant, errand runner (think grocery shopping, taking car in for maintenance, etc), and a multitude of others.  If you have any special skills, (my eldest son, 13 yo is a computer genius and offers his help to community fixing their computer problems), use it to your advantage.  It is nice to see you are willing to hustle, rather than sitting on your a ** and hoping your situation will change!  Wish you the best!

No.  Why would it be too big?. There are lots of large families looking for 4 and 5 bedroom houses.   Compare to other 4 bedroom rentals  with similar square footage in the area.  If the numbers work, go for it!

She seems pretty clear.  Does this property make sense for you to buy and hold for a year and then resale?

I see your point, but I think some of your advantage is if they are paid on commission irather tham flat rate, it is in their best interest to get top dollar for you.  If they are flat rate, they get paid no matter what the sale price or rental rate is, so they are more likely to be on buyer's side, not your sode that wants top dollar.