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30 October 2024 | 7 replies
This website is amazing for education, networking, and so much more.
1 November 2024 | 6 replies
We’re all here to help each other succeed—glad you’re joining us!
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30 October 2024 | 4 replies
Need some feedback and /or contacts who can help me with investments in / around Worcester Polytechnic (WPI) ...
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30 October 2024 | 12 replies
Granted this charge could be the one from 1996?
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5 November 2024 | 6 replies
If you're going to do this you need to do it with intention.
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6 November 2024 | 1 reply
There’s part of the answer.Anyone else experience this same increase in costs?
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31 October 2024 | 8 replies
Hey @Clint Kelly, I was going to recommend something like BuilderTrend but from what you've said, QuickBooks Online (QBO_ does exactly what you need.The key here is you need an REI-savvy bookkeeping professional since you stated your current bookkeeper is dropping the ball.What you want is super easy to accomplish for a flipping company using QBO.We have Clients who flip close to 100 properties/year and everything is super organized for each property using QBO.It's the operator, not the software in this case.Hope that helps!
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6 November 2024 | 0 replies
Others 15 yrs, etc.So we depreciate a portion of the asset costs faster.We do the study and get dollar amounts assigned to different parts and different schedules to front-load depreciation.Now you can get 5 or 6% of the value as a deduction in the early years...But wait... there's more.Bonus depreciation allows you to deduct a certain percentage of cost in the first year an asset is put into service.Anything that is on a schedule of 15 years or less...So the doors, sidewalks, HVAC, walls, latches, curbs, security, gates, etcA % of this stuff goes in Yr 1.For years 2015 through 2017, first-year bonus depreciation for these items was set at 50%.It was scheduled to go down to 40% in 2018 and 30% in 2019, 0% in 2020.But then the Tax Cuts and Jobs act moved this percentage to 100% from 2017 to 2022 and 80% in 2023 and 60% in 2024.Its not uncommon to allocate 30% of an asset cost to items that can be depreciated on a 15 year or faster time frame.So now 60% of that 30% of your asset's cost can be depreciated in the first year, excluding land.Pretty great.This is how real estate owners, investors, and operators make millions and pay very little in taxes compared to W2 employees.They pay even less and can offset other types of income if they are an RE Pro.
29 October 2024 | 8 replies
@Max Servais if this will be your primary residence, you will need to insure this with a Homeowners policy.