All Forum Posts by: Sean Tong

Hello, I am planning to purchase a new construction house in St Johns county FL. I know the builder has been giving out incentives, but how do I find the actual price that the previous buyers actually paid? I checked the county recorder and appraiser site, but all they have is just a Deed with the Sales Purchase price. There is no breakdown of incentives. I asked around the Title office and seems like the public record sale price is Excluded of incentives.

Thank You

0 Votes

Jacksonville, Florida

Quote from @Bill B.:

You don’t need an llc, it will do you almost zero if not zero good.

No, you can’t deduct repair expenses while you’re living there. Those are household expenses not rental expenses. You can move out, list it as a rental, and then start fixing it up. Now it’s a rental expense

I assume you have almost zero appreciation since you bought it? (Otherwise making that gain taxable may take you 5-10 years just to “break even.”)

If you were already living in Florida would you buy this property as a rental? If not, just sell and take the tax free money with you. If so, get your property manager lined up, your tax guy, etc etc.

I thought there is a Start Up expense qualification which allow owner to spruce up the property before putting on market?

0 Votes

Columbus, Ohio

Hello Helpers, I am planning a move to FL next year May 2024, and thinking to convert my current home to rental. There are some things around current home that need to be fixed, and I have yet to set up a business LLC.

1) My intention is to capture these repairs as expense while I am currently still living in it for the next few months. Is this allowed?

2) I own my house free and clear. Due to liability concern, should I just refinance the house to cash out, such that if liability arise , max I lose the house with debt and llc? Just like how an investor would buy my home with mortgage.

Thank You

1 Vote

Columbus, Ohio

All Forum Posts by: Sean Tong

Sean Tong has started 2 posts and replied 3 times.

Post: Real Close Price of New Home?

Post: Rental StartUp Expense of Current Home

Post: Rental StartUp Expense of Current Home