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27 September 2024 | 11 replies
Hopefully, your lease says the tenants cannot modify the property without your permission.Some of the other items could be ordinary maintenance requests or something you are just stuck with.
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25 September 2024 | 7 replies
Suspended losses from cost segregation are released and can be used to offset ordinary (W2) income when a property is sold.
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24 September 2024 | 4 replies
Active = Income earned from Material Participation.Whether that's SMB, W-2, contract income, or prof real estate.This is income where ordinary tax is paid and losses offset other income.
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23 September 2024 | 19 replies
...but between deprecation and ordinary expenses I'll be at a massive loss each year.
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27 September 2024 | 66 replies
A 5% yield in a savings account is not as good as a 5-6 cap rental, in my view, once I factor in tax advantages of the rental vs the simple interest taxed at ordinary income rates from HYSA.
20 September 2024 | 7 replies
You can still depreciate the property, perform a cost segregation study if applicable, and deduct ordinary and necessary expenses related to being a landlord.
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18 September 2024 | 1 reply
Looking to replace ordinary active income completely with passive income as quickly as possible while managing risk.Rob
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16 September 2024 | 7 replies
It depends on if you got to the level of a trade or busienss which would determine if its ordinary income or not.Then the amount of time you spend on the business would determine if its passive or non-passive.
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16 September 2024 | 1 reply
This could boost your cash flow without relying on stock market returns (Which can be volatile)2.Real Estate Professional Status (REPS): If you’re leaving your W2 job, qualifying for REPS can allow you to deduct real estate losses against your ordinary income, giving you a big tax break.3.Cost Segregation: This can accelerate depreciation on your properties, creating significant tax deductions.
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16 September 2024 | 5 replies
You don't know the law, you don't know how to handle difficult tenants, and you aren't local to work on it.This is what Ohio law says: “The tenant shall not unreasonably withhold consent for the landlord to enter into the dwelling unit in order to inspect the premises, make ordinary, necessary, or agreed repairs, decorations, alterations, or improvements, deliver parcels that are too large for the tenant’s mail facilities, supply necessary or agreed services, or exhibit the dwelling unit to prospective or actual purchasers, mortgagees, tenants, workmen, or contractors.”I would give the tenant a short, direct warning that they have 72 hours to coordinate with the vendor and set a schedule for repairs.