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27 June 2024 | 10 replies
Deegan and @Arda Bircan There are technically 7 Tests for Material Participation (but 3 that are most common) -> the individual 500 hour mark, that the activity of the individual is substantially all, and that the individual participates more than 100 hours + no-one else spends more time than them.Litmus Test: Are your hours integral to the operationsThe hours that qualify must be substantially all hours and have a legitimate impact on the rental activities.Activities that generally count: showing the property for rent, taking tenant applications & screening tenants, preparing & negotiating leases, cleaning & preparing the units for rent, repairs, and improvements, managing the construction, purchasing supplies & materials, inspecting the property, responding to tenant complaints & inquiries, collecting & depositing rents, evicting tenants, writing & placing advertisements, and working on your websiteActivities that don't count: education & research, investor-type activities, and travel time..
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26 June 2024 | 1 reply
As for a W-9, that is required if you're reporting to the IRS that company/person's earnings and technically is required for anything paid over $600 (I believe) to a single person/entity in a given year so you can issue a 1099.
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27 June 2024 | 41 replies
Just curious if there are any good experiences and these are just the few bad situations that happened for whatever reason, short staffed, etc, or if they are all bad all around.
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27 June 2024 | 11 replies
If you are doing a 1031 exchange, you are exchanging one investment property for another investment property so you technically would not able to use it whenever you want because it would not be an investment property then and you may get hit with the capital gains.
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26 June 2024 | 5 replies
She is technically responsible for the paid agreement until November, but she is also the individual who posted the deposit...
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25 June 2024 | 3 replies
Yes, technically you have to have the contract, but really when do you think a commitment can be assumed?
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27 June 2024 | 37 replies
HMM never heard of that regarding criminals https://calcivilrights.ca.gov/wp-content/uploads/sites/32/20...Using CA as an example:- not allowed to place a blanket ban based on criminal record- are not allowed to access certain forms of criminal records (arrests, post-trial diversions, sealed expunged records)- you are technically allowed to access conviction data and use it, but your interpretation of that data must comport perfectly with how CA wants you to interpret it (must have direct bearing, must have been recent enough etc)- even if you follow all of this perfectly, accessing the criminal records must not "have a discriminatory effect" so if certain special people are impacted you are still looking at liability.As a result of this legal minefield many just decide to forget looking at criminal or to find some other criteria.
26 June 2024 | 34 replies
Thanks RalfRalf -I'm afraid you haven't given enough information here for me to completely and professionally answer your question.It depends on how the "company" is set up.If it's a sole proprietorship, then you would be technically lending funds to yourself.
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28 June 2024 | 100 replies
I am committed to resolving any misunderstandings directly with the General Partners.Additionally, I would like to note that, due to the policies and technical limitations of the forum platform, I am unable to delete my original post.
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26 June 2024 | 33 replies
She is still technically employed and earning an income while she still has sick hours, and she may get Worker's Compensation, but she may not.