All Forum Posts by: Tino Madyara

@Valerie DeFreitas I agree, there are a lot of good remote bookkeepers you can find. Happy to provide a few for you to try if needed.

@Bhargav Hirapara how many properties do you have? Is the S Corp for a separate business?

@Michael Lopez if you don’t have a bookkeeping system yet, you can just record all this in a spreadsheet for each property. I normally also request a copy of the closing statement because a lot of times if I just get a spreadsheet I don’t know if taxpayer has captured everything from closing. There are some closing costs that get added to the basis of the property and others that can be deducted right away.

You’ll get partial depreciation the first year depending on the depreciation method and when the property became income producing.

@Roger Princeau I stand corrected. if the refi is on your personal residence, then you should be able to deduct the portion of the interest that relates to the $200k used for buying the rental.