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16 November 2024 | 12 replies
@Jesse Jones-Smithhi. i tend not to advise people on personal residence items because... it's too personal. so i'll just pick one thing you mentioned and provide a comment.
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16 November 2024 | 21 replies
I'll preface by saying I'm not a tax expert, but just went through a cost segregation as a REPS and this was my view.The benefit from pulling out these items coupled with the bonus depreciation far outweighs any incrementally higher taxes in later years, by quite a large margin.
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11 November 2024 | 16 replies
After analyzing our reviews with Chat GPT (something we should all be doing), we found this was the most commonly mentioned item in our 5-star reviews.
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17 November 2024 | 30 replies
Having rental property is not what determines if you are going to take standard deduction or itemized deduction.
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6 November 2024 | 54 replies
Houston could be hit by a hurricane but they have a lot of population in other areas that would not be in danger.
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8 November 2024 | 4 replies
Your attorney should be able to help with this as they will likely want to get an itemized list of projected past expenses.3.
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8 November 2024 | 4 replies
What construction items should I be in the lookout for due to hurricanes?
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11 November 2024 | 12 replies
This is bogus if buyer and seller are independent parties (if the parties are associated then I understand setting true value) as there is usually a reason for the discount purchase (risk items like unpermitted work, crazy low rents in rent controlled area, hoarder, heavy need of rehab, etc).
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8 November 2024 | 4 replies
Laws are ALWAYS evolving and every couple years there is likely one or more items that should be updated in a lease. 3.
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6 November 2024 | 0 replies
& different parts of the asset can be depreciated on different schedules.To find out the useful lifespan of each component, you do a cost segregation study to analyze all of the parts.The raw land can't be depreciated so you start by giving that a value first.But other items can be depreciated on a quicker timeline.A roof, road, sidewalk, fencing, walls, gates, doors, latches, flooring, air conditioners, pavers, curbing, landscaping, etc.The IRS has a depreciation schedule for each type.Some parts are 5 yrs.