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8 February 2024 | 5 replies
Those that respond “$0” or something ridiculous, you can request income documentation from them to justify.Don’t be afraid to share with them how much your property taxes & Insurance increased and that YOU cannot afford to absorb them.ALWAYS get an increase or something of value annually or tenants will start thinking they should never have an increase, making future increases that much more difficult to negotiate.
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7 February 2024 | 13 replies
I got a house and have been house-hacking with Air BnB, now is the time that I'm looking for doing the taxes with my W-2 and the Air BnB income, does anyone have any recommendations on an accountant in the upstate South Carolina area that is familiar with doing taxes for real estate investments (ideally specifically short term rental).
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8 February 2024 | 5 replies
If you have the other expenses, such as the property taxes, water and sewer bills, heating bills if the landlord is responsible for those, electric bills if there is a landlord account, and any other bills you as the landlord would be responsible for monthly you can total them up and see if they will be more or less than the $900/month rent your apartment will generate once you eventually move out of it.
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7 February 2024 | 7 replies
Also your cost associated with holding (utilities paid by landlord or tenants, taxes).
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7 February 2024 | 12 replies
This is a capital gains tax free sale of your personal residence ( up to IRS limits ) and not a loan that will affect your DTI ratio.
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7 February 2024 | 2 replies
I have received a refund for a transaction that occurred in the previous tax year.Specifically, this transaction occurred in May 2023, but I received the refund for that amount in January 2024.
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7 February 2024 | 2 replies
They formed all of my entities, prepared my trust and handle my taxes for me.
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8 February 2024 | 29 replies
It doesn't make sense be in a -$800 a month (at best) while paying a huge monthly payment with high property taxes.
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8 February 2024 | 10 replies
You're looking at flipped properties or things designed to be turnkey.The numbers likely don't work on these if you know how to properly run them (including accurate property taxes).
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8 February 2024 | 9 replies
California for example taxes, HOA's, Sale prices all seem to eat any cash flow right out of the gate.