All Forum Posts by: Tiffy W.

Hi,

I am a R/E investor that is seeking the community's thought on the following tax related questions. Please feel free to chime in and provide your two-cents. Appreciate any help in advance.

Background Information: I purchased a 9 unit multi-family property under my LLC (partnership), which generated a net real estate loss for the year 2014. I currently manage the property in all aspects of the operation and do not require a property manager or a management team to service my building. I understand R/E income is a "passive" income for tax classification purpose. However, I do contribute over 30+ hours on a weekly basis and possibly even more during the winter months. Note: I am the general partner and also the largest shareholder in excess of 80%.

I also have a non R/E related full-time position that generates over 150K annually. This information is disclosed because I believe there may be a threshold that prohibit full-time position earners to use rental loss to offset earned taxable income.

1) Would it be possible to flow through the LLC's R/E losses to reduce my earned income? If this is not possible, are there other recommended tax strategies? NOLs are not possible given that this is a partnership (not a corporation or a sole proprietorship).

2) CPAs - do you recommend your clients (in similar situation) to claim themselves to be "real-estate professionals"? I understand there is a qualification list and I do feel like I meet them but I would like to hear thoughts from CPAs.

Hi...Anybody out there with a rental property in NYC that has gone through a real estate property tax appeal? I'm new to the idea and would like some suggestions/inputs from someone who has recently gone through this process. Where would I start? What pros/cons should I consider? Costs vs. benefits? How much would something like this cost? Is this something I should hire a lawyer for?

Thank you in advance.

These are all very good suggestions. I now have a few options to consider. Thank you guys!

Thank you for your suggestion, Leon.

Thanks, Tom!

Thank you, Beth, for your suggestion.

Majority of my tenants are older folks so I highly doubt they have it all set up via internet.

On the physical address, do you mean your home mailing address?

Hi,

I have a question for investors out there. Do you suggest renting a PO Box to collect your monthly rental checks? I will not be living in the building so I would like to avoid physically collecting these checks in the beginning of each month. Any pros and cons to renting a PO Box (other than the yearly fee)? Thanks in advance.

Thanks @Eddie! Have you tried smartmove yourself in the past?

Hello all,

I'm curious to know if anybody out there has heard of the tenant blacklist in NYC? If so, what do you know about it? Do you know how can this report be obtained?

Also, what website do you use to screen your tenants? Any recommendations are kindly appreciated.

Thanks in advance.

Hello all,

Anyone aware of websites that rates/reviews on insurance company that provides landlord insurance? I would like to do some background search before selecting, if possible.

Any advice on how to select insurance companies?

Thanks in advance.