All Forum Posts by: Jamie Engledow

Improvement. Depreciate it.

The reason they ask for business EIN and such or tax certificate is to sell to you without charging you state tax. If you feel you must give your business info for a better deal, it would be best for you to pay from a personal account, ensure you have records of specifically what materials were needed for the personal project and receipts or invoices that listed those items. If a business purchase was mixed with a personal, circle the personal and write the explanation. Do not deduct the personal expense on your business return! Maintain good records to prove that you did not expense any personal expenses on your business return.

Liz, even if the area is stagnant, his return on investment as a rental is astronomical! You don't even have to worry if the property is worth zero after 2 or 3 years!

oh, and regarding your question about setting up the liability if you use mileage. You still set this up. It does not hit an expense Account. You set up as a Debit to an asset account (the van) and a credit to a liability account (the auto loan). Then as you make payments a Debit to the liability and a credit to cash is made. Never hits an expense Account, so No worries. All of this is assuming a vehicle purchase, not lease.

Yes, set up as a liability. I would buy the vehicle with your business as the owner. Park the Vehicle at your business location (not your home). use the vehicle 100% for business. Label the Van with your Company Logo. If any of the above are not how you set your van up, you may not be able to deduct 100%, mileage or actual cost on your tax return.

A HELOC was never deductible on Schedule A or E for "any purpose". It was always only for home improvement or additions. You could never take out a HELOC, go buy a BMW, and deduct the interest on your tax return.

Actially, I have some packing, moving and various odd jobs I need done at my house, but when I looked up Amherst, you are a little more than an hour away, so I am probably too far away to make it worthwhile.

@Jason Malabute That is exactly what I was saying, you should run the analysis as if both units were rented out.  Because, your occupying one unit is personal.  For sake of investment calculation, you need to pretend both units are rented out.

Thst is the attitude! Dont give up!  Honestly, when I saw the subject of your post I thought you were going to share the location of a literal awsome roller coaster!  I love roller coasters!

Depends on if vacation or year round rental, college students, or families, etc.  I recommend Oviedo for year round rentals to families.  Affordable housing, good schools, ect.