All Forum Posts by: Wilson Davis

Thank you for the reply. 
What if the other two partners are happy with the way it is since they won’t have to pay self employment tax and think it is ok because the account it did it?  
Next year we will be starting a large land development and selling lots to a home builder. More than likely they will want to file this as long term capital gains too. 

I'm in a LLC partnership with 2 other people. The accountant who one of the partners has always used did our K1. We bought some lots, built two houses, and sold them. He put the income down as capital gains instead of ordinary income on the K1. I'm 99% sure it can't be capital gains. Is there anything I can do?

That you for the reality check.  They have never missed a payment of $1200 a month, but that doesn't mean they are taking great care of the property.  Replacing a door slab for $100 was a cheap eye opener for us. Time to tighten up our property management ship!  

Hello,

A tenant 'forgot' to pay the power bill for over a month, let the grass get over two feet tall, and left the house vacant for over a month.  They called me from another state telling me that the neighbor noticed the back door was kicked in.  Is there any way to prove that negligence of the tenant was the cause of a break-in?  

Thank you both for the replies. I will get a couple of estimates, fix it, and bill them. 

Hello, a tenant moved out this past weekend, and we stopped by after they had left.  The only damage to the property was from were they backed the moving truck into the a spot and dented the aluminum flashing at the top of the garage door frame.  I wouldn't have noticed it if they hadn't of tried to touch it up with white spray paint and got over spray on the beige siding.  Is there a way to come up with a cost to bill them or do we just let it go?

It won't be long before that law is everywhere.  It doesn't take too many powerful people with hotels losing a lot of money to get a law passed. 

The company would furnish the house at the higher rate and manage through Airbnb. 

Hello,

I know Airbnb is a good idea for someone looking to lease their property themselves, but has anyone rented their house to a company that rents with Airbnb? 

In their initial email, they offered 10% more of the $1200 asking price, but maybe that was just to get us to respond.  Before we contact them, we are trying to think of the pros/cons of this scenario.  The only upside that we can think of is the extra income.  We are trying to think of any downfalls like extra insurance that we should have to protect against any liability issues.  Or if the company is renting through Airbnb and not paying all the appropriate fees or taxes to the city(if their are any) then could we also be held liable for this since we knew they were renting through Airbnb?