All Forum Posts by: Zach Wagner

We've been managing our properties for 2 years now and been doing a lot of the work ourselves to save money, such as yard maintenance, cleaning, unit flips, etc. How do you pay yourself? Is this easily possible without much of a tax burden? Do we pay ourselves as 1099 contractors or start reimbursing ourselves for the initial capital we invested? What do other hands on investors do? Hoping to get some advice, thank you in advance!

We currently are house hacking a duplex. The property is in great shape near everything you could ask for. It is also near a massive medical campus that is constantly growing in a decent size metropolitan area. We rent out the bottom unit LTR with long term tenant and are looking to move out of upper unit and make it a mid term rental. We know the area pretty well and have a couple of friends in various medical fields that always talk about traveling medical professionals. MTR seems to be a viable option for our situation. Any ideas or tips on how to get the ball rolling. Thanks in advance BP members.

As we're ramping up into tax season and this is my first year reporting my rental property, I've been researching CPA firms to complete my 1065. One is very expensive and the other I don't think I trust. As a CPA myself, I have some confidence in my abilities to fill in the necessary information, but want someone to ultimately review it to ensure I'm maximizing the first year of potential deductions and credits. I came across TaxAct online--reasonably priced with CPAs available to answer questions and go through typical deductions and credits with you. Does anyone else have any recommendations for assisted 1065 online filings or have experience with TaxAct? Thanks!!! 

Thank you both! We’re trying to get ahead of the curve for tax season and appreciate your professional advice! :)

My boyfriend and I each bought a rental property this year (2022) under our personal names (1 under my name and 1 under his name). In an attempt to keep our business income and expenses separate, we started an LLC and opened a business bank account and credit card. We have NOT bought a property under the LLC yet. In my opinion as a CPA, I would think we'd each report the rental property income and expenses under schedule E of our form 1040s, and potentially file a $0 form 1065 for the LLC. We'd continue following this method until we buy a property under the LLC or transfer ownership of our properties to the LLC. Can anyone confirm my assumptions or give me alternative advice? What tax preparation service do you recommend (i.e., H&R Block, TurboTax, etc.)?