All Forum Posts by: Troy DeLong

@Simon W. - The basement is partially finished but would NOT be considered legal for a rental. 

@Theresa Harris - I would say the basement area in question would be around 1/4 of the total square footage of the house. So then, say my annual property taxes are $4000, I would be able to write off $1000 of that?   

Consider this a hypothetical situation. Say a family member (different last name) was to rent out a room in your basement for $500/month (Market value for similar would be around $700/month). Most people (homeowner) would just keep this off the books and it wouldn’t be a problem. But if someone (homeowner) wanted that $500/month to show up as ‘Income’ to better help them with getting loans for investment properties, what would be the best way to account for the $500/month? Would that be considered rental income and taxed at your regular income tax? Would you need to have an actual lease agreement in place? Should you put that rent money into a new/separate bank account? Would a lender even care about or consider that $500/month as income to better your chance of a loan? Thanks in advance!

Is there anyway you can defer paying capital gains tax on ETF’s if you put those proceeds into real estate? Anything similar to a 1031 Exchange (since ETF’s don’t qualify for the 1031)? Thanks in advance!

I'm wondering if there is a way you can avoid paying capital gains tax on stock market trades if you put that money into a real estate deal? Sort of like 1031 (Although 1031 explicitly says ETS/Stocks do not qualify for tax deferment). 

Thanks in advance! 

I'm about halfway through BP's book 'The Book on Tax Strategies for the Savvy Real Estate Investor - Vol 1' and just noticed the book was written/published in 2016.

The book is great so far, but can anyone point out the big differences/changes that came with the 2018 tax law update that affect real estate? Stuff that might be in the book (out of date) and stuff that isn't in the book? 

I'm new to Real Estate and am all ears! Thanks in advance.