All Forum Posts by: Account Closed

Minneapolis is looking better already. Nice work!!

@Michael Henry RESPECT.

When I wrote this post the @mention feature wouldn't pull up his name. However, I see that it is now so I want to clarify that it was @Taylor Brugna who gave me the advice I am now taking. Thanks to all of you for taking the time to help me out with this. I will be contacting @Brandon Hall as soon as I can. Thanks again!

I recently became interested in REI and found BP. From the forums, blogs, and videos I learned about depreciation. After learning about depreciation I posted a question about my situation. For the last 20 years I have been renting out a SFR that I own, and never taken depreciation. Through that post a BP member gave me some good advice and I am going to take it. So I am looking for a CPA in the Winston-Salem or Hickory areas of North Carolina who is familiar with REI. Do you know of any?

@Taylor Brugna. I am going to do exactly what you are advising. Thanks so much for the help. RESPECT.

@Brett Sorenson No. I have never done my Kent taxes, that's what is so frustrating to me. I have used the same accountant for years. I asked about taking depreciation on a couple of occasions. I mean, I am not going to blame the accountant....I ultimately bear the responsibility for my own decisions and situation. Also, I have never really tried to learn anything about taxes until I got interested in REI and found BP.

I have a SFH that I have been renting out for 20 years without taking depreciation. Is there anything I can do now?

I hear a lot of good things about Allure from members on this site, but I have never used it myself. Good luck.

Does a rental property have to be in an LLC to qualify as a depreciating asset?

@Joe Gutmann has some valid questions. Maybe you should consider the criteria you are using to select the areas / distances in which you'll invest. It sounds like you're on the right track though. Good luck!