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27 October 2022 | 2 replies
My income is mostly from rental property (single family) but I still do some residential construction (mostly remodeling).my pickup (07 Tundra has a transmission issue - for now just a check engine light) will need replaced within a year or maybe two. 1) Construction Co.Would make the most sense for a serious deduction but since I've focused more on rental property my construction company doesn't gross enough to make the purchase of a new vehicle a viable one, probably get audited and then not sure what they would do.2) Rental property wouldn't make sense either because it would be an administrative nightmare ( CPA says) to divide every expense up per each home.If I change to having them all owned by a single LLC then if someone won a lawsuit against me, I could lose it all.Deductions for now since I use my truck for Construction, Rentals & Personal is based on mileage or I just get the standard mileage deduction (7k).Just trying to be wise before I just do something.Any thoughts on this would be appreciated.Thank you, Joe
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29 August 2017 | 5 replies
I also recommend getting a mileage tracker so you can deduct vehicle expenses (there are many phone apps available).
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25 January 2014 | 21 replies
That's great and you have to work with what you've got, but make it a point to get that thing sold, whether it be contract or another vehicle, if its 30+ days between tenants.
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12 December 2023 | 6 replies
Hi Hannah,Yes, that company is still going strong and I even use them for our vehicles.
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24 November 2018 | 22 replies
Unfortunately, vehicles are personal property, and what you have is abandoned personal property.
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24 February 2016 | 15 replies
I haven't done enough research to find all of the legal and insurance ramifications of these 4-plexes with owner units but they sound like a great house hack vehicle worth looking into.
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22 November 2023 | 0 replies
NO additional parking for an ADU shall be required if the ADU is located within one half-mile walking distance of any public transit stop, within a designated historic district, or within one block of a dedicated parking space reserved for publicly available car share vehicles.
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15 September 2023 | 22 replies
@Salim KoromaI purchased a nice water view home, pool, garage 10,660 lot 1650 inside sq ftBest view of the water in the block4 bed 2 baths for 480kgot appraised for 16k over purchase pricethey flipped next door - the neighbors - for 505k with 2 bed 2 baths 350 sq ft lessLooking to find another good deal in the upcoming months or yearDuplex is tough I need plenty of space to store company vehicles and equipment so this is what made sense for me at the time being
16 December 2023 | 4 replies
I've taken some steps to use a ROBS rollover (C Corp. formation) but now am unsure if that is the best vehicle for our first property with the intent to build our portfolio.Is there a best resource to use to make sure we make the best choice to finance the purchase?
26 June 2017 | 26 replies
What type of contract -- this is exactly what I want to do but I'm not sure which legal vehicle would let me do it properly.