Janet Behm
REI's Who Have Corporation-NEW RULES
16 September 2024 | 0 replies
The American Institute of CPA's (AICPA) is advising employers to file the Beneficial Owner Information (BOI).
Saijal Sindwani
Tenant agreed to rehab work in the house and not opening the door for contractor
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.
Poonam Barad
Anyone done mentorship bootcamp offered by Richard Garcia? Any reviews/feedback?
16 September 2024 | 35 replies
I'm considering specifically a Latin American country after I do my research and fly there several times to visit for extended periods - I speak and read enough Spanish to get around although I'm not fluent or highly proficient.
Kathleen Park
How Much Subtract from the Security Deposit
12 September 2024 | 9 replies
Quote from @Kathleen Park: I recommend you educate yourself on "ordinary wear-and-tear" vs damages, depreciation, and your state laws.Do yourself a favor: buy "Every Landlord's Legal Guide" by NOLO.
Amanda C.
Oil Stains in Driveway - normal wear and tear or deposit?
12 September 2024 | 7 replies
Normal wear and tear refers to deterioration over time from ordinary use, but damage like a large oil stain in the driveway from a vehicle is preventable and would fall under tenant responsibility.
Gabe H.
1031 / depreciation recapture question
11 September 2024 | 7 replies
Some podcast make it seem like you can use real estate as a loophole to pay capital gains tax where you would have paid ordinary income tax.
Dat Chung
How Many Rentals to Net $400,000/month
11 September 2024 | 20 replies
You'll need a portfolio that's $100,000,000 with no leverage.There is less than 10,000 Americans with a net worth that high.
Gilda Sanne
Rental Property Tax Deductions first year in service.
11 September 2024 | 5 replies
Yes, the costs for utilities, insurance, repairs, and maintenance are deductible in the current year since they are considered ordinary and necessary expenses for managing and maintaining the property.
Andrew Meringoff
Installment sale interest vs. cap gain
11 September 2024 | 3 replies
Part of each payment will go towards interest (taxed as ordinary income).This setup allows the seller to avoid paying the entire $300K in gains upfront and spread it out over the years.
Abraham Berkowitz
How could I avoid paying a lot of tax on capital gains through a fix & flip?
10 September 2024 | 7 replies
Abraham, for your fix-and-flip property, it’s important to note that these projects are typically taxed as ordinary income rather than as long-term capital gains.