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9 November 2024 | 87 replies
They are just now getting around to telling the truth.costco is a great indicator of inflation on grocery items..
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5 November 2024 | 0 replies
To determine if the expense should be classified as a capital improvement or a deductible repair, the context of the expense is very important.An example is, if an item of expenditure is part of a general plan of modernization, renovation or rehabilitation to equipment or other business property, it typically must be capitalized even though on its own it would be currently deductible.According to IRS Code, expenses that you must capitalize are those that:Materially increase valueSubstantially prolong useful life (including replacement of deteriorating assets)Adapt the property to a new or different useHowever, you are allowed to deduct expenses and fees for routine maintenance and repairs that help keep the property in efficient operating condition.
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5 November 2024 | 5 replies
I have worked with many lenders that will give you the run around, ask for more items, with no clear cut guidelines.
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4 November 2024 | 1 reply
This diversification includes healthcare, with the South Texas Medical Center continuing to expand; education, with multiple universities enhancing their tech programs; and the military, with cyber command units at local bases.
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4 November 2024 | 2 replies
I'm sure I'm missing items, but in a word, yes, this would be useful.
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4 November 2024 | 24 replies
We have more maintenance requests but usually for smaller items.
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5 November 2024 | 11 replies
You'll need to provide the essentials without going overboard on luxury items.
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6 November 2024 | 7 replies
Make sure your lease stipulates its a "shared property" and list all the rules to make sure they toe the line, garbage, one vehicle(where parked), noise, no personal items in yard, everything you can think of or choose/whatever.
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7 November 2024 | 7 replies
It's great to ask these questions in the forums to get a feel for things but it's not a substitute for getting "official" advice from an REI-savvy tax pro that you have hired.Regarding what to deduct versus what to capitalize (and depreciate over time), your tax pro can walk you through that for each line item.
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2 November 2024 | 6 replies
You are the member of the LLC not an s corp or a c corp which owns the LLC - which is more traditional in syndications and other setupsSo that’s the confusing thing…They list as not exempt:1) corporations2) LLCs where one member is a corporationI feel like item 1 would disqualify ALL LLCs (since they are corporations).