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27 June 2024 | 10 replies
Deegan and @Arda Bircan There are technically 7 Tests for Material Participation (but 3 that are most common) -> the individual 500 hour mark, that the activity of the individual is substantially all, and that the individual participates more than 100 hours + no-one else spends more time than them.Litmus Test: Are your hours integral to the operationsThe hours that qualify must be substantially all hours and have a legitimate impact on the rental activities.Activities that generally count: showing the property for rent, taking tenant applications & screening tenants, preparing & negotiating leases, cleaning & preparing the units for rent, repairs, and improvements, managing the construction, purchasing supplies & materials, inspecting the property, responding to tenant complaints & inquiries, collecting & depositing rents, evicting tenants, writing & placing advertisements, and working on your websiteActivities that don't count: education & research, investor-type activities, and travel time..
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27 June 2024 | 5 replies
a) You will need to file a nonresident Arizona income tax return that reflects the income you earn from your Arizona rental.b) You will not owe TPT and don't need to set up an account to deposit it.
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26 June 2024 | 2 replies
If the company is hesitant, consider their financial statements to assess their stability or negotiate other security measures like a larger security deposit.
26 June 2024 | 4 replies
Enhance your listings with high-quality photos, virtual tours, and detailed descriptions.Incentives: Offer move-in specials or discounts, such as the first month free or reduced security deposits, to attract tenants.3.
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26 June 2024 | 5 replies
She is technically responsible for the paid agreement until November, but she is also the individual who posted the deposit...
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26 June 2024 | 1 reply
Hello,I'm reading Avery Carl's book "Short-Term Rental Long-Term Wealth" and she mentions setting up a designated business account and making housekeepers fill out a W9 and paying them through direct deposit or an online invoice payment platform.
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27 June 2024 | 7 replies
If your state has a security deposit cap collecting the year up front is problematic.
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26 June 2024 | 4 replies
Will they respect their obligations when they move out or will they stick you with a large bill for unpaid water bills, damages beyond the deposit and extraordinary cleanup expenses?
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25 June 2024 | 5 replies
You meant you deposited it.
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26 June 2024 | 3 replies
Then you can deposit the money into the LLC.