19 April 2024 | 10 replies
The decision to use Schedule E or Schedule C for reporting rental income from house hacking can depend on various factors, including the nature of your rental activities and how you've structured your rental business.Schedule E is typically used to report rental real estate income and expenses for individuals who own rental properties as investments or passive income sources.Schedule C, on the other hand, is used for reporting income and expenses from self-employment or business activities, including activities that are considered to be actively managed.The interpretation of the tax code and the determination of which schedule to use can vary based on individual circumstances and the tax preparer's expertise.Your tax preparer may reference relevant sections of the IRS tax code, such as IRS Publication 527 (Residential Rental Property), IRS Publication 334 (Tax Guide for Small Business), or other applicable publications and regulations.Factors that might influence the decision include the level of involvement in managing the rental property, the intent to generate passive income versus active business income, and the structure of your rental business (e.g., sole proprietorship, partnership, LLC).Ultimately, it's essential to work with a tax advisor or accountant who understands your specific situation, goals, and the nuances of rental property taxation.

19 April 2024 | 16 replies
Look into setting an S-corp to potentially reduce self-employment taxes and Section 199A qualified business income deduction

18 April 2024 | 27 replies
You can type solar in the magnifying glass in the top corner and find enough threads to waste a day or two on.

17 April 2024 | 2 replies
Did you use the classifieds section?

17 April 2024 | 13 replies
On the TREC form - section 11 ‘Have you (Seller) ever filed a claim for damage, other than flood damage, to the Property with any insurance provider?’

18 April 2024 | 33 replies
Fast-forward one month to today, I still have heard no word from Philadelphia L&I (even after calling/e-mailing) and I'm ready to start renting it out, but one problem:"The Philadelphia Property Maintenance Code (Section PM-102.6.4) requires an owner offering residential property for rent to provide the following to the tenant at the inception of each tenancy:A Certificate of Rental Suitability issued by the Department of Licenses and Inspections no more than sixty (60) days prior to the inception of the tenancy.A copy of the “City of Philadelphia Partners for Good Housing” brochure issued by the Department of Licenses and Inspections....."

15 April 2024 | 5 replies
Does section 8 require a specific lease form for tenants in PA, specifically Dauphin County?

16 April 2024 | 6 replies
There is street access because it's a corner lot.This would be my first new contstruction....my plan is to sell my current home (family issues, forced to sell) and move into one of the units as a primary residence for a year or 2 before leasing it.Question is - What is the order of operation to start the project...

17 April 2024 | 13 replies
Are you familiar with the anti-kickback provision of Section 8 of the Real Estate Settlement Procedures Act (RESPA)?

16 April 2024 | 2 replies
Parking is a big issue so generally you want to be on a corner lot, or cul de sac.