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28 February 2017 | 5 replies
I'm not claiming a home office, however my home is my office when it comes to managing my rental units (which is both ordinary and necessary) .
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26 February 2017 | 8 replies
Making noise when closing outside gate and coming out and just being nosy if they were eating on the common area patio amongst other little things.
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7 March 2017 | 10 replies
Since you're related parties any gain would be taxable as ordinary income and any loss would be nondeductible so it'd be best to make the transfer price so that there isn't any gain or loss so she can avoid paying tax on the gains or losing out on taking the loss.
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5 March 2017 | 7 replies
S-CorpW2 income – that’s easy, you probably understood that your W2 income can be added BACKK-1 income (box 1 & 2) – also pretty self-explanatory, but just in case, it’s added BACKAmortization/Casualty Loss – Added BACKDepreciation 1120s (line 14 & 15) – Added BackHowever….Mortgage Notes, bonds payable in less than 1 year (Schedule L, line 17)- this is SUBTRACTED from your incomeMeals & Entertainment (Schedule M1, Line 3b) – SUBTRACTED from your incomeNon re-occurring Other Income (1120s line 5) – SUBTRACTED from your incomePartnershipsW2, K1 (box 1,2, & 4), Depreciation, Amortization/Casualty Loss – all added BACKNon re-occurring Other Income, Meals and Entertainment, Mortgage Notes payable in less than 1 year, AND Ordinary income from Other (1065 line 4) – all SUBTRACTED from your incomeI certainly hope that some of what is contained here helps your understanding of what goes on behind the vail of underwriting.
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13 March 2017 | 16 replies
This was the biggest feedback, no covered parking and no real back yard for a deck or patio.4.)
9 March 2017 | 5 replies
Your profit will be treated as Capital Gains.But it will be Short Term Capital Gains instead of Long Term Capital Gains because you owned the property for less than one year and a day.You will report the transaction on Schedule D, Capital Gains and Losses, and not on Schedule C, Business Income, because buying and selling one house does not make you a dealer.That means that you will not be subject to Self Employment taxes.The tax rate that you will pay on Short Term Capital Gains will be the same as your ordinary income tax rate.I hope this helps.Good Luck.Michael Lantrip
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4 March 2017 | 2 replies
Also, the house probably needs $30k of work done to it (roof, a/c, fence, backyard patio, etc).
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7 March 2017 | 4 replies
Renting it for a year may be the difference between paying ordinary income tax and cap gains.
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20 March 2017 | 5 replies
Is there any way or device that can turn ordinary laundry machines into money operated such as a special receptacle, etc?
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8 March 2017 | 6 replies
Here is what I have so far: Add wash and dryer unitsStainless steel appliancesUpdate light fixturesNew hardware for bathroom (cabinet, sink, shower)New hardware for kitchen (cabinets, sink)Build a fence around ground floor patio Build carportsRUBs programCharge for garbage pick-upAmenities based on demographic (soccer field, BBQ pit, etc.)Adding an extra roomFor other multifamily investors out there, what are some ways you've added value to an apartment to raise rents?