You could read 100 books and still need to learn more because certain things must be learned through trial and error.

If you feel like you did the tax returns incorrectly the past few years, you can have your new accountant look them over.If they see an error, there might be an opportunity to amend the tax returns and get a refund.Best of luck.

@Adam BartomeoGuys the IRS requires the 1099 amount to be equal to the GROSS amount you collected on behalf of the owner, even if you are collecting water bills, etc. from tenants.NOTHING is deducted from the Gross amount,including your PMC fees!

From the research I’ve done so far, it seems that South Carolina taxes investment properties at 6% which makes a tax bill quite high compared to a primary home.

Hey everyone, I just finished developing a detailed guide on how to read and dispute appraisal reports effectively, and honestly, I’m amazed at how often small errors can significantly undervalue a property.

My only concern is I believe most ADUs all tie into the same utilities and would be 1 bill.

So you pay for it with a credit card and when the bill comes you make the payment.

What I am saying is the tax bill for you could be wildly different depending on how long your partner has owned this property and how much depreciation they have taken.  

That way, you don't get blindsided with the tax bill next year.otherwise, sounds like a pretty cool idea.

I personally put them on a schedule, long term, because I do not have the time to do the work myself and contracting it out all in one shot comes with a large bill.