All Forum Posts by: Rafael Lopez

I have bundled service for TV/Interne/Phone. If you look at the bill details the Internet is $5.00 ONLY because of the bundle. Otherwise it would be a lot more. 

Would it be safe to assume that I can divide the bill total by 3 and use that value as a business expense?

@Kathy Henley@Tyler Brown@Thomas S. Would you know if the seller is mandated by law to say whether or not there is an existing lease with the tenants? Just an FYI to myself. 

@Kathy Henley@Tyler Brown@Thomas S. This is all great info I appreciate the help. We will try to speak with tenants, but will most likely ask that the property be delivered vacant if they decide to stay. If not we will exercise the other options you guys suggested. Thanks!

If I purchased a property with tenants that don't have an existing lease agreement with the former owner are they obliged to sign my new lease agreement when I submit it to them? If they don't want to sign what can I do?

This would be for a new purchase in Ohio. I haven't submitted an offer because I'm unsure of this would play out. I'd appreciate the feedback. 

Thanks,

Rafael Lopez

@Chase Worst@Seth Macomber Sounds like I'll carry the deductions to the year after. Of course I'll confirm that with my CPA. This is all great information, thanks! 

@Mike Reynolds Yes that is essentially my questions. If I could deduct from my W-2 pay. Ok, well I appreciate the reply! Thanks!

@Seth Macomber @Scott Vance Will this still be true even though I didn't hold any income producing property or any property for that matter?

@Mike Reynolds No I did not generate any income because I haven't actually bought anything. I almost had my first property in 2016, but backed out because of inspection findings. The intent was there. I do plan to purchase sometime in 2017

No I did not generate any income because I haven't actually bought anything. I almost had my first property in 2016, but backed out because of inspection findings. The intent was there. I do plan to purchase sometime in 2017

Keep in mind I'm in a different state than where I'd hold property. 

If in 2016 I flew out of state to meet with some people and tour neighborhoods. Also purchased some business related items such as printer,  computer,  etc. I also attempted to buy property in 2016 but it fell through. However, I don't actually purchase a property until 2017.  Is it possible to write off expenses from 2016?