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29 January 2017 | 1 reply
By the end of 2016 my basis in the property is about 30K getting it ready for sale.I have not plugged in a value for the donated items, but suspect using one of these donation calculators in TurboTax or equivalent it would likely be around $5,000 to $7,500 - more than the purchase price.Should I write this off from my end of year basis or would the IRS say I could only write off a small % of the $2,500 as that reflects the market value of the home and contents - even though the county obviously had no idea what was inside...or maybe the IRS would say once I found the contents to valuable I would have to recognize a gain.
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29 January 2017 | 4 replies
The other item might have been that your home might be more desirable to own than to rent.
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30 January 2017 | 15 replies
I think that is a great idea, but I would not sweat not owning, heck, sometimes I wish I rented so that I could call my landlord to fix items and use the extra Fannie Mae spot for another home.
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30 January 2017 | 3 replies
I also should have known to look at these items as I've worked in Real Estate for awhile.
31 January 2017 | 6 replies
They will sell it off in short order to a collector who will begin tacking onto it.
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5 February 2017 | 8 replies
Or the CPA might help prevent you from claiming a depreciable item as an expense, which could get you into fine territory.A CPA can knock these things out with one calculator tied behind their back.
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10 March 2017 | 16 replies
I was getting harassed left and right by a debt collector in Colorado threatening me every day.
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6 February 2017 | 10 replies
If he didn't want to be charged for the items then he should have had them repaired PRIOR to the move out date and when keys were turned over.What exactly is he arguing about?
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10 February 2017 | 30 replies
Is there a law that specifically prohibits the closing company not to disclose the buyer's itemized closing costs ?
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10 February 2017 | 4 replies
In addition, some operating expenses are not NOI expenses, so you need "above the line" and "below the line" to allow for those items, such as advertising and commissions.