All Forum Posts by: Zee D.

New Philly resident here with out-of-state rental income. Trying to understand the Net Profits Tax structure and filing and I have a few questions:

1) My understanding is that out-of-state rental income is subject to NPT though a credit is applied for any taxes paid to another locality (state tax not included). But I can't figure out for the life of me where on the return I would enter this credit. Can anyone help clarify? 

2) As a partial year resident, do I just include the resident portion of taxable income in the base, rather than use the non-resident worksheet? There doesn't seem to be another option. 

3) Do my spouse and I have to file two separate NPT returns for the rental income as we are joint federal filers? Again, there doesn't seem to be another option. 

Any help is appreciated as these Philly taxes are...confusing. Thank you!

Thank you everyone for your input. From the different boards I posted to, I've put together the following plan:

First ask if they would like to sign a new lease. If there is hesitation, tell them I totally understand and can do a two month only extension for now if they are interested in moving but not right now. If they want to move at the end of their lease, I'll ask them if we can host zoom visits to keep everyone safe. I'll still need someone to do the checkout and if the tenants want to be present, to stand back 6 feet. I can schedule the checkout for a few days after they leave so that coronavirus on surfaces is no longer an issue. Then, if needed, send in a cleaning crew before allowing new people to move in. 

This is an excellent idea. I'll see first if they want to stay/extend. If not, I'll ask them if they can help with video tours. I'm also planning on offering frozen rent though my costs went up and the rental market prices are surging in the area.

How do I show my rental right now amid coronavirus? I have current tenants. In my lease I say two months before the end of a lease I check in to see if they want to renew or not. If they do not, I start advertising/showing the rental. First and foremost, I do not want to do the showing myself at this point so I'd have to hire someone. 

How do I show my rental right now amid coronavirus? I have current tenants. In my lease I say two months before the end of a lease I check in to see if they want to re-sign for a year or let me advertise/show the place. Given the current situation, I don't know what I should do if they don't want to renew. First and foremost, I personally don't want to show the property and would need to hire someone to do so. 

Hi,

I currently own two tax liens in my name that haven't been paid off thus far. It seems likely I'll be able to take action in just over a year to acquire, but understand that I'll get a big tax hit if I end up selling either of the properties. 

So, I want to acquire more tax liens early next year and be a bit smarter. Can anyone help me think through some of my questions? 

For example, should I use a self directed Roth IRA with checkbook abilities? If so, what are some of the best banks for this? Why?

For liability reasons, should an LLC be created within the self directed Roth IRA? If so, how does one do this?

Once I acquire a property, what's the best insurance to limit my liability? 

What if the house is destroyed on the inside once acquired? Can I sell as-is wholesale? The land is worth far, far more than the tax lien prices in the area I bid in.

Thanks!