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Results (5,790+)
Julio Gonzalez Deductible Repairs vs. Capital Expenditures
24 May 2022 | 6 replies
To determine if the expense should be classified as a capital improvement or a deductible repair, the context of the expense is very important.An example is, if an item of expenditure is part of a general plan of modernization, renovation or rehabilitation to equipment or other business property, it typically must be capitalized even though on its own it would be currently deductible.According to IRS Code, expenses that you must capitalize are those that:Materially increase valueSubstantially prolong useful life (including replacement of deteriorating assets)Adapt the property to a new or different useHowever, you are allowed to deduct expenses and fees for routine maintenance and repairs that help keep the property in efficient operating condition.
Allison Morris Turning Personally Owned Second Home into Business
3 February 2022 | 4 replies
Our bank said in order for this house to be classified as a second home, we have to intend to personally occupy (not list available for rent) the house a minimum of 14 days or 10% the amount of dates that it’s rented.
Account Closed ADA appliant services for disabled tenants?
13 May 2021 | 2 replies
After doing some searching, a ramp is classified as a "reasonable modification" and the cost of reasonable modifications are at the tenants expense. https://petriepettit.com/blog/...https://www.hud.gov/sites/docu...The difficult part might be finding someone to do the work.
Emma Sulkowicz Advice: multi-member LLC partnership, corporate status, or S corp
29 July 2021 | 4 replies
We got to the page that says:Due to the number of members in your LLC, you are considered a Multi-Member Limited Liability Company (LLC) as the type of structure applying for an EIN.Since you are a multi-member LLC, we must initially classify you as a partnership.
Alfredo Coria Tax Deductions: Second Property
31 May 2021 | 2 replies
What do I need to do to classify as an real estate investor etc....?
Amit Patel Having trouble finding insurance on detached unit
17 May 2021 | 4 replies
I mean it’s classified as a 1-4 unit dwelling so you could write on a personal lines form or commercial.
Lloyd Segal Economic Update (Monday, May 17, 2021)
17 May 2021 | 0 replies
County are a step lower, classified merely as “severe drought.”
Matthew J. Tax treatment of a sale of an overseas inherited property
26 May 2021 | 2 replies
Even in this case, however, your long-term gains will be classified as capital.
Grace Esteban If you want to buy a warehouse, where would you start looking?
27 May 2021 | 3 replies
Try craigslist or other classified ads drive industrial areas. 
Christian Walker Advise on how to split this deal
22 May 2021 | 3 replies
I don’t really know what it would classify as.