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27 January 2025 | 11 replies
Proceeds to segregated account to be disbursed ONLY on rental property improvements and expenses to preserve the deductibility of interest on your Schedule E.
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17 January 2025 | 6 replies
These are features like online renter payments, tenant portal (for payments and work orders), help keeping track of work orders, tax reporting features, and accounting functionality.
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21 January 2025 | 59 replies
And 1/2 of that is accounting that I could farm out too, but I enjoy it.
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28 January 2025 | 29 replies
Then you need to bid fair market value, not appropriate the bid to take into account the STR revenue but more so LTR.
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14 January 2025 | 2 replies
We currently accept rent from tenants using a variety of 3rd party apps-Cashapp, Venmo, Zelle but are moving away from accepting payments in our individual names and want to start accepting payments directly to the LLC/business accounts, but LLC accounts do not accept Zelle and there is a fee for using business accounts on Venmo.
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16 January 2025 | 2 replies
They get a higher return since they are covering housing cost, have the $250k per spouse primary residence deduction in gains, is a savings account, higher leverage position, lower interest rate possible, will pay more premium for location, etc.House might be overpriced for REITs but not for home owners.
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21 January 2025 | 4 replies
That would be around $90,000 sitting in a savings account!
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20 January 2025 | 7 replies
If you sold it for $500K (after expenses) and invested it in a savings account (or some in a RRSP or TFSA-up to your limit), even at 4%, you'd get $20K a year.Also what province is it in?
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16 January 2025 | 18 replies
A great deal of accountants work with out of state clients.
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23 January 2025 | 26 replies
This doesn't account for transaction costs and reduction in leverage as you pay down the mortgage which accounts for closer to 2-3% less, so you 12-18%.