For example we pay our own income taxes, broker splits and all of our other expenses directly out of what we make including required E&O insurance, MLS dues, licensing fees, Board of Realtor dues, continuing education costs, marketing, advertising, office fees/rent, transaction coordinator/ assistant fees, health insurance, car insurance and maintenance, gas, tires, software, retirement fund, etc.We are not W2 employees with payroll taxes already taken out of our paychecks, company-paid health insurance and matching retirement account plus a guarantee of at least 40 hours paid work per week, sick pay, paid vacation… none of that.So if you’re thinking you’ll be able to pay an hourly wage typical of a W2 hourly employee like $50-85/hr… that’s definitely not going to work.

The current owner bought it for $30K and I know they had to clean up a lot of title work and started doing repairs. 

A 1031 exchange allows you to defer not only the capital gains tax but also the depreciation recapture tax, which can be at a higher rate.If you have any further questions or need assistance with your 1031 exchange, feel free to reach out!

We had to pay a biohazard company over $9k for a thorough clean up.

I have helped quite a few investors dispose of their 2-4 units this year and they have been cleaning house.  

Would love to assist or answer any questions for any of you guys. 

The IRS disaster assistance page and hotline are key resources for those seeking guidance.One significant benefit for those who have experienced property damage is the potential to claim a casualty loss deduction.

They just moved out and the house needs some cleaning up.

Offering to compensate them for their time can go a long way in maintaining a good working relationship.Let me know how I can assist further—best of luck with your project!

Hi Daniel, I would definitely keep your options open in terms of finding the right accountant that could be of great assistance.