All Forum Posts by: Tom K.

Thanks Brandon but I think your situation is different in that I don't have an Llc or business per say so I can't go that route but thanks.

All feedback has been great and appreciated...let me supply the most likely scenario so you get a better idea:

I own three properties. My current car is 17 years old and I'd like to get a new car or truck.  Leaning toward the truck so I can bring ladder, tools equip to current and future rental properties.  Looking to spend approximately 10-12,000 on the vehicle.  Figured buying the truck would actually save me a good chunk of $ because I can write it off.  Your probably wondering what my tax situation will be if I don't purchase a truck? I will owe approximately $3500 come tax time.  I dont NEED the truck necessarily, I can always pay $23 to use home depots etc if I need one. But wouldn't it make more sense to buy a truck vs. car for tax purposes?  For example 

Scenerio #1: buy car and save on gas buy still owe $3500 come tax time.

Sceneries #2: buy used truck for approx 10k- 12k and owe little to nothing come tax time.  That's like getting the truck for 8k instead of buying price of 11k, correct?

So one couldnt claim both mileage and truck purchase write off?

Thanks guys! I will Def check out section 179!  Have a great one!!

Hello all,  last time I met with my accountant, she mentioned if I buy a truck (currently own a small car) that I could write it off as a real estate expense as that is what I will be using it for often.  Is this accurate?  If so, will it make much of a difference come tax time? She mentioned I should buy another property as she said I really need a write off.  I don't agree with buying in this market and overpaying for a property (my market is well overpriced).  So getting back to the original question, if I were to buy a truck, can I use that as my major tax write off since using it for my rental properties?  My accountant does not return my emails or anything as for particulars as to how much it will help.  Yes I'm considering switching accountants but afraid of change sometimes. Thanks!

I am hitting the principal. Why overpay in this market for measly returns. If I want to be satisfied with workimg hard for a 5% return then I'll buy property (no thanks).  Stack your chips and wait for the market to turn. Think about it, if you pay mortgage down now you will have more $ to play with later. Continue to look for deals like I do but I have yet to find one that isn't owner occupent. I'll keep looking though.

Thanks John. Very good. Informative.  Thanks again man hope you have a good one.

Thanks Wayne Brooks.

Thanks John Stanaway, very helpful. Now John, Do you highly recommend I go thru an actual attorney? So do you say, "hey attorney, please do a title search and see what comes up"? Or do you do hire a company to do the title search then okay it with an attorney? Can you tell me the average cost to hire the attorney? I would think it would be substantially more costly and more time consuming for the attorney.  With auctions sometimes you have to move fast. Thanks John. 

Hi Sriv, I agree however there is a way to do the lien search at the court house however I haven't been educated.  This way if the court house search comes up empty, then I can proceed to the attorney or title company to be sure.  Why go straight to the title company if I can check the court first and pull out if something substancial shows via courthouse (it's free I believe)?  And can anyone tell me if having a title company do a search for liens is the same as hiring an attorney.  I'm pretty an attorney will cost more.  Thanks