All Forum Posts by: Rocco Swinney

hi all - i just received the email. im unclear on a few parts

1. it seems he wants to remove the 1031 - also if you make under 400k?

2. i see a reference online about also eliminating investors ability to offset their tax bills with real estate losses - this is where im confused and concerned

Is this only for people who make over 400k and what is considered a loss by this wording? All - mortgage interest, repairs, etc?

Hi All - i appreciate the help! As im really trying to obtain an llc, but confused on a few parts. Was hoping someone might know

1. Id like to keep a few rentals under my name, but any future ones have under an llc i create

Do you think this could cause any issues from an insurance standpoint in terms of them not wanting essentially two separate policies for me? 

Since i need a new ein for my llc... do i simply file this with my personal tax return or with having a new ein number - i need a completely different tax returns each year?

The other piece im unclear on is from my understanding you dont want to mix your personal cash with the llc. So if i have say 50k i want to move to my new business checking account for my llc then how would you do this without being tied to your personal account where the funds are?

hi basit! hope allis well! The one piece i am unclear on is... i understand if for example i used 50k cashout refi on my rental to buy another rental then i can deduct the interest from the full 50k. However, say from my current rentals i have about 50k yearly in property taxes, repairs, insurance, etc for them. if the 50k was used to cover the expenses on my other current rentals is that still deductible?

I appreciate it!  

hi all - if i am interested in a second home then do i need to have 6 months reserves on my rentals too?

I know when i buy a rental then i have to show 6 months on my rentals, but when i bought my primary... i didnt have to show reserves for the rentals from my understanding. I was curious how it is with a second home 

is this normal? is there typically a fee to close by mail? im shocked as it seems like less work, but ive done all of mine in person

Thanks Dan! Are you aware of a needed timeframe one would have to use those funds? ex. cashout in 2020. Use half of it in 2020 on another property. Then say in 2026 (any cuttoff?) use the other half on a different property

I would just pay them to remove it. Why risk it spraying yourself 

I got that part down at least :-). Im closing on an investment property in 4 days. Then im using the same lender to refi cashout a different investment property shortly after, which we went over the numbers from a mortgage, likely total, etc. At least now from this post.. i need to have a better game plan in terms of how i will need to apply those funds to ensure its deducted and properly calculated. It would be nice to use it all up this year on good deals, but i doubt since the year is more than halfway already. Appreciate your replies throughout 

Hi Percy! Hopefully Matt (thanks for replying to the post) replies. I think I got it now, which hopefully someone can confirm, as im not a 100% sure on this. Anyways hopefully a cpa or someone can add.

Cashout refinance on investment property 1 for 100k. The person pays 10k in interest for 2020 on investment property one

In 2020 the person used 50k of the 100k as a down payment on investment property 2. So because the person used 50% of the 100k from investment property 1... it sounds the person can then deduct 50% of the 10k or 5k and not the full 10k. As this 50k was not used on things unrelated to rentals - ex. car, stocks, etc.

Then say in 2021 the person uses the other 50k as a downpayment on investment 3. The persons interest for 2021 on investment property 1 was say about 10k again. So because of this it sounds then the full 100% of the 10k can be deducted this year and going forward

The unkowns I still have is the below:

1. It sounds like the funds do not have to be used in a needed timeframe (ex. that same year) , but hoping to confirm

2. Does paying down the principal of another investment property still count and can be deductible. Ex. 50k used on investment property 2 and 45k used on investment property 3. Have 5k left... can i simply pay down say investment property 1 or 2.