Daniel Rines
Filing repairs for rental property
27 February 2018 | 1 reply
However, the cost such as plumbing, ductwork, electrical, and lumber have to be capitalized and added to the basis of your house unless you meet any of these: 1) The total cost is less than 2500. ( not just plumbing or electrical- total ) De minimis safe harborThe safe harbor applies to amounts paid during the tax year to acquire or produce what the regs call a “unit of property” (UOP), you must meet these requirements: (1) at the beginning of the tax year, the taxpayer has written accounting procedures treating as an expense for non-tax purposes amounts paid for property costing less than a specified dollar amount (which will be 2500 for you), or with an economic useful life of 12 months or less;.(2) the taxpayer treats the amount paid for the property as an expense on its books and records in accordance with its accounting procedures. ( do this on your bookkeeping software or whatever you utilize)(3) the amount paid for the UOP doesn't exceed $2,500. as substantiated by invoiceNote: The cost for the Unit of Property includes l additional costs (for example, delivery fees, installation services, or similar costs) if these additional costs are included on the same invoice with the tangible property.
Mark Forest
Sewer line fix capitalize or expense
5 March 2018 | 12 replies
These days, when I install hot water tanks, room air conditioners, my CPA would expense them.
Dar Fornelli
Hardwood Floors in 3 Story Apartment?
11 March 2018 | 10 replies
I'll be ripping up all the flooring regardless and installing lifeproof plank in the kitchens/bathrooms at a minimum.
Mark Futalan
Keyless entry WiFi thermostat & security cams for STR
20 March 2018 | 7 replies
@Mark Futalan We have Arlo cameras installed at our own residence, they are outdoor WiFi surveilance cameras.
Chris Herrera
Countertop Replacement Timeline
5 April 2018 | 1 reply
It should only take a week between the template and the fabrication/install.
Kevin Moore
What Exactly Does The Carbon Monoxide Detector Law Say?!
7 April 2018 | 2 replies
The way the Washington State Fire Code is written it sounds like we need to install a smoke detector and a CO detector in all bedrooms that have a heat vent from the furnace.
Avery Goodman
Tax implications of failed 1031
10 April 2018 | 7 replies
Will the sale be recognized by the IRS as a short-term capital gain in 2017, or will it automatically be considered an installment sale because the 1031 won't officially fail until April 16, 2018?
John Sampson
Self filing taxes for small property management company
15 April 2018 | 6 replies
It sounds like you have a lot of gaps in your understanding of taxes, and continuing on your DIY trip may backfire.
Chad Statham
Any forms or templates available for Promissory Notes
16 April 2018 | 11 replies
I expect whoever wants to DIY would read them and figure out if they were appropriate.
Ben Toth
Boring question alert
23 April 2018 | 5 replies
My house can burn down and I would be back in action immediately after I had Quicken installed on a new machine.