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Results (10,000+)
Laura Kreinbring Tax Advice, long-time tax platform user depreciation basis adjustment
14 May 2024 | 10 replies
You must generally file Form 3115, Application for Change in Accounting Method, to request a change in your method of accounting for depreciation.The following are examples of a change in method of accounting for depreciation.A change from an impermissible method of determining depreciation for depreciable property if the impermissible method was used in two or more consecutively filed tax returns.A change in the treatment of an asset from nondepreciable to depreciable or vice versa.A change in the depreciation method, period of recovery, or convention of a depreciable asset.A change from not claiming to claiming the special depreciation allowance if you did not make the election to not claim any special allowance.A change from claiming a 50% special depreciation allowance to claiming a 100% special depreciation allowance for qualified property acquired and placed in service by you after September 27, 2017 (if you did not make the election under section 168(k)(10) to claim a 50% special depreciation allowance).Changes in depreciation that are not a change in method of accounting (and may only be made on an amended return) include the following.An adjustment in the useful life of a depreciable asset for which depreciation is determined under section 167.A change in use of an asset in the hands of the same taxpayer.Making a late depreciation election or revoking a timely valid depreciation election (including the election not to deduct the special depreciation allowance).
Account Closed Using Hard money to purchase
14 May 2024 | 1 reply
HMLs are a crucial short-term solution for properties needing significant repairs, and for investors not wanting all the red tape that comes with traditional products.
Ravi Karuturi New Ground up Construction Loan Lender
15 May 2024 | 20 replies
Bridge financing(interest only):For construction loans, you could do a bridge solution to help you buy the land and do the vertical construction(get the land surface engineered and developed for putting up the apartment buildings) and then horizontal- downpayment will vary.
James N Beliak Member since Summer 2023
14 May 2024 | 22 replies
There is a solution for Canadians, from NCH out of Nevada to use a regular corporation to hold limited partnerships.
Eric Johnson What happens when I stop paying the mortgage payments ?
14 May 2024 | 14 replies
Change your mindset from that of a victim to that of the investor and look for the solution.
Matthew Kauk STR loophole for AirBnb
13 May 2024 | 8 replies
Here is a good forum: https://www.biggerpockets.com/forums/530/topics/1056436-clearing-up-confusion-on-tax-treatment-of-short-term-rentals
Bob S. Turnkey investing thoughts?
14 May 2024 | 11 replies
Whether turnkey solution is right for you or not would depend on what your goals are from a turnkey investment?
Angie Guifarro Should I buy an investment property or personal residence first?
15 May 2024 | 12 replies
As it is we both have a strong desire to buy a SFH for ourselves but currently house hacking is a better solution because that other rent is paying our taxes and water and sewer bills and for some mid range priced renovations to the property.
Viral Mehta Remote management - internationally
14 May 2024 | 5 replies
Property manager ended up being the best solution for me. 10% seems very high, in Seattle I pay 5% plus a leasing fee every time they need to find a new tenant.