Alex Longinidis
Buying First House Hack
17 December 2024 | 17 replies
Yeah there are several big items!
Melanie Baldridge
Bonus depreciation ?
16 December 2024 | 0 replies
Bonus depreciation is just a special part of the US tax code.It allows you to take accelerated depreciation on portions of your property depending on when an asset is put into service.At the time of this writing, you can write off a huge portion (60% in 2024) of many qualified components that have a useful lifespan of 15 years or less.That means a certain percentage of things like landscaping, sidewalks, latches, appliances, fences, certain flooring, etc is depreciable in year 1.The bonus depreciation rate percentage changes yearly depending on the administration and the tax code.For years 2015 through 2017 first-year depreciation for all the items on a 15-year schedule or less was set to 50%.It was scheduled to go down to 40% in 2018 and 30% in 2019 and then 0% in 2020.But then Trump got elected, and he enacted the Tax Cuts and Jobs Act.That moved the bonus depreciation percentage to 100% from 2017 to 2022.In 2023 it went down to 80% and it’s currently at 60%.Depending on who gets elected again, 100% may be back on the table.Only time will tell.We know that the US government wants to incentivize more development and ownership of RE.They want Americans to continue to build and maintain our physical world.That’s why real estate is one of the most tax-advantaged assets in the US.Depreciation and bonus depreciation for RE are very positive and will likely continue in the years ahead.
Yents Ybrimovic
203K loan new investor question
17 December 2024 | 16 replies
He can't loan you any part of the 3.5% down and you can get seller contributions to cover closing costs, etc.Just food for thought...
Harrison Jones
Building a Long-Term Affordable Housing Strategy
31 December 2024 | 20 replies
The Market Context:The area I’m working in is not a large metro but a poorer region where issues like food insecurity affect 14–20% of the population.
Tar-U-Way Bright
How could I use my LLC
24 December 2024 | 14 replies
Also, I don't know if it would be worth it from a liability perspective either, but would advise to chat with an insurance pro/legal pro.When purchasing a primary residence, conventional loan guidelines will require you to take down the property in your personal name.When it comes to taxes, you'll likely be able to take the standard deduction AND itemize Interest, Taxes, Insurance, Depreciation, and expenses prorated based off the rented portion of the property when reporting the 1040 along with W2 income.
Myers Bryan
Floorplan software recommendations?
14 December 2024 | 2 replies
Planner 5DPlatform: AndroidFeatures:Supports both 2D and 3D floor plans.Allows you to scan walls and create floor plans as you walk through a property.Offers a vast library of furniture and decor items to customize your plans.Bonus: Projects can be synced and edited on Windows through their web platform3.
Dani Murai
General Contractor that services the Torrance/Gardena Area
17 December 2024 | 3 replies
Only thing better would be initial deposit and then paid in full upon Certificate of Occupancy and punchlist complete.Of course, standard items should also be checked: licensed, insured, willing and able to pull all required permits, reference checks.I would also commonly avoid the cheapest bid you get.
Marcus Auerbach
Mortgage rates going up. Is the market expecting inflation?
24 December 2024 | 25 replies
Too much of our food is coming from Mexico, not only fruits and vegetables but also beef.
Matt Wan
Getting a mortgage as a non-resident US citizen
23 December 2024 | 15 replies
You seem to already have US based accounts, so you are good there too.The last item here is the definition of "good".
Jae Yoo
Help finding a lawyer to proceed against a bad property management company
17 December 2024 | 4 replies
The final straw was when my property went into abatement after an inspection, due to the property management company's failure to address tenant requests for the exact items that caused the issue.