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11 August 2024 | 99 replies
LLC orS-Corp.Don't be in the wrong type ofentityFirst – Asset protectionbenefitSecond – Tax savings benefit Rental Real Estate – 1031(same in LLC or personal name)Syndicate - 15% or more in taxsavings, self-employment tax (flippers may use this) Expenses for write off &deductions: equipment & appliances, home-office ($5 per sq ft.), travel costs (related tobusiness), kids (income shifting by payingthem to work for you, meaning business related), membership, conferences &education, meal expenses for business, retirement strategies (selfdirected investing, tax-free or tax deducted, 401K/IRA)depreciation Pro-active Planning / Get a taxadviser Talk to your tax adviser inadvance Fire OutOrganize expenses, listquestions, changes (buy, sell, etc. properties.)Changing entity type from LLC toS-Corp etc.
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15 August 2024 | 86 replies
.$900 for a refrigeratorI replace appliances with used appliances......hence a fridge cost no more than $250$4.8K for concrete piers to shore up a foundationI haven't bought a property needing foundation repair yet!
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7 August 2024 | 0 replies
Multiple improvements done on this duplex in 2021, including new roof, gutters, flooring, drywall, electrical, appliances, and heating/cooling unit for the second floor.
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7 August 2024 | 2 replies
Has new flooring and appliances but kitchen and baths are original but well maintained in above average condition.
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19 August 2024 | 3705 replies
Roof is relatively new, A/C is brand new and appliances are in very good condition.
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6 August 2024 | 4 replies
She owes me 2 months of rent, stolen appliances and damage caused to the property.
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6 August 2024 | 1 reply
split the home into two units, upgrade appliances, add hvac, split the yard for each unit.
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5 August 2024 | 7 replies
For example, if this $1,000 was spent on appliances, you can deduct it as maintenance which hurts your lending profile, or you can deduct it via bonus depreciation that does not affect lending.
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5 August 2024 | 6 replies
They also mow the lawns, shovel the snow, pay most if not all utilities, and provide most of their own appliances.
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1 August 2024 | 4 replies
Upgrades/repairs include:flooring (tile and carpet, entire house), painting (entire house), complete kitchen renovation with new appliances, cabinets, sink, lightingcomplete bathroom renovationsupgrade/replace ACupgrade/replace existing hot tub upgrade/replace furniture/bedsupgrade/replace old pier with newadd new kayaks, paddle boards, and bikesI am thinking anything that is removable (furniture, appliances, water toys, bikes, pier, etc) could qualify as an asset for the LLC and thus be used as a tax expense for the LLC.