All Forum Posts by: Taylor Brugna

Mike Jackson I highly recommend Jeff Copeland He manages quite a few properties for me and has been excellent.

@Armando Payano Another recommendation for @Jeff Copeland . He manages multi family for me in Tampa and has been outstanding for the past 3 years. Feel free to reach out, would be happy to share info..

@Adam P Correct, the losses continue to carry forward. Keep in mind that if you have enough loss it may even make sense to just sell the property instead of doing a 1031 (these losses don't offset depreciate recapture tax, however). 

Josh F. Shouldn't even be a question for the nominal fee that they charge-there are way too many rules to follow and there is a large tax liability on the line if you are considering a 1031 in the first place.

@Michael McKay Thanks for the mention!

@Candace Wiley and @Antoinette Munroe feel free to reach out with any questions. The short term rental space is becoming very popular and a good chunk of my clients are actively involved. If managed properly, it's definitely a great way to boost returns!

@Robert Fleming When a personal residence is converted to a rental, its starting point for basis for depreciation is the LOWER of (1) the adjusted basis on the date of conversion, or (2) the property’s fair market value at the time of conversion. This will be the value you use to calculate depreciation for the 4 months it is being used as a rental. 

The rental income and expenses will be reported as usual, just only for those 4 months. If you paid interest/property tax/insurance for the year, you can allocate 1/3 of the expense as a rental deduction. You need to allocate between rental and personal use. 

Chris L. LLC is best for rental property The primary reason real estate investors use an s-corp is to avoid some self employment tax from activities like flipping. General rule (for more reasons than one): Buy and hold rentals=LLC or hold in your personal name Flipping=S-Corp (although this depends on some other factors as well such as your total profit and W-2 income) It may not be worth it depending on your situation.

Chris L. Rental income in not subject to self employment tax, regardless of whether it is in an LLC or not.

Jon Quijas I wouldn't mess around and cut it too close. Make sure the closing dates/rental dates satisfy the 121 exclusion. Not worth risking the capital gains tax liability to have it rented a few extra months. List it with plenty of time just in case.

@David Faulkner The exclusion is prorated, that's not how it works unfortunately. It if did, everybody on BP would be moving in to their appreciated rentals for 2 years before they sold :)