Death of Person A (11/2020):• Fair Market Value at Death: $180,000• Step-up in Basis for Person C upon death of Person A:• 33.33% of $180,000 = $60,000• New Basis for Person C: $26,667 (original basis) + $60,000 (step-up) = $86,667 for 66.66% ownership.4.

First we directly pay all the duly owed utility bills, but then we re-bill to the Tenants on a % of square footage basis as a "recoverable."

Here are a few definitions that you absolutely must know.Bookmark this thread and use it as your cheat sheet for 2024.Okay, let’s dive in:Here are the terms that I’ll define in this thread:-DEPRECIATION-BONUS DEPRECIATION-COST SEGREGATION -BASIS-LAND VALUE-IMPROVEMENT VALUE-3115-RECAPTUREDEPRECIATION:Depreciation is the decrease in $$ value of your asset over time due to wear & tear, etc.Standard depreciation is deducted evenly over 27.5 years for residential and 39 years for commercial.Even w/o cost segregation you get to deduct depreciation each year.BONUS DEPRECIATION:This is an accelerated depreciation method.

Hi Patty - it depends on type of accounting method you use. if you are using cash method accounting, you can capitalize and claim in 2024.If you follow accrual basis, you record in a year when service is completed.Hope it clarifies.

I recently househacked my way into my second property, and my first property is now a full time rental on a rent by the room basis. 

A tenant may only be evicted on this basis if the property is being demolished or if renovations will a) substantially modify or replace a structural, plumbing, electrical, or mechanical system, and require permits, or b) remove unsafe materials, such as lead paint, mold, or asbestos, from the unit.

They inherit the properties at the "stepped up basis" aka what the properties are worth when you died and can sell them off then if they wish.

I like to thanks, for all the support I am growing a bit every day thanks to BP and everyone who share knowledge and years of experience.

For buyers, down payments range from 20-30% and adjustable rates are generally about 75-100 basis points higher than a traditional mortgage (no fixed available).http://www.vacation-finance.com/index.htmhttp://www.dotcomdesignstudio.com/gallery/patrickmorrissey/fractionalfinancing.htmhttp://www.firstfractionalfunding.com/

Whether you choose to charge a flat fee for every day that the rent is late, or whether you charge a set percentage of the rental amount, there is a maximum amount that you are allowed to charge every month.