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21 October 2024 | 9 replies
Bigger Pockets is a great place for education and networking and is full of great content.I recommend that you check out the following resources:1.
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23 October 2024 | 22 replies
A handy search bar in the upper right makes it easy to find previous discussions, blogs, podcasts, and other resources.
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22 October 2024 | 14 replies
In my opinion, having a local lender can be advantageous, as it adds another knowledgeable resource to your team regarding the area.
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16 October 2024 | 7 replies
The cost basis includes:Purchase Price: The amount you paid for the property.Renovation Costs: Add the cost of improvements and remodels that significantly enhance the property's value.Closing Costs: Certain closing costs related to acquiring the property (like title fees) can be added to the basis.You will then allocate the total cost basis between the land (which isn't depreciable) and the building (which is depreciable over 27.5 years for residential properties).If you're unsure about how to allocate between land and building, you can use the allocation percentage from your property tax records or get an appraisal.This post does not create a CPA-Client relationship.
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20 October 2024 | 10 replies
I have a lot of resources for investors that can help show you class a b c locations and have off market deals.
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20 October 2024 | 8 replies
BiggerPockets is full of resources designed to help you along your journey, whether you are just getting started or a seasoned investor.
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16 October 2024 | 5 replies
My CPA requires Quickbooks online and it seems there isn’t an easy way to do the data entry and allocations and keep those two systems inline with all the transactions.
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23 October 2024 | 15 replies
In the meantime, there are plenty of resources available here to assist you.Here is one: https://www.biggerpockets.com/forums/51/topics/1206189-cost-...
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16 October 2024 | 10 replies
Depreciation is typically allocated according to the ownership percentages outlined in the partnership or syndication agreement, which are set in advance and follow certain rules under the tax code.However, some syndication structures can be designed with different classes of partners or special allocations, but these arrangements are subject to complex tax rules, such as the "substantial economic effect" rule under Section 704(b) of the Internal Revenue Code.
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20 October 2024 | 11 replies
@Chancy VinesTry Sutton Law https://sutlaw.com/ They are a good resource in Reno.