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13 August 2024 | 21 replies
Consulting a tax professional can help ensure accurate reporting.
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9 August 2024 | 0 replies
Another lesson I learned was to have a more concrete scope of work to help create a more accurate budget and to add a buffer in the plan for things that come up that are unexpected.
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11 August 2024 | 49 replies
So with real estate being the BEST hedge against inflation that means it MOST accurately dollar for dollar moves UP in price with inflation.
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9 August 2024 | 5 replies
@Shaun BeckRecommend exploring as many sources as possible to get referrals AND cross-reference them to get as much accurate information as possible.Check out NARPM.com, BP’s Property Manager Finder (BiggerPockets: The Real Estate Investing Social Network), etc.Also, encourage you to learn from the mistakes of others - by reading posts here on BiggerPockets about owners not having their expectations met by their current Property Management Company.
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8 August 2024 | 22 replies
If you can find someone who has TLO to do your traces its worth the money, they are incredibly accurate.
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7 August 2024 | 6 replies
The numbers don’t become accurate until the property is sold, anyway.
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7 August 2024 | 8 replies
However, the remaining gain not covered by the Section 121 exclusion is taxed at your ordinary income tax rate.Here's how the calculation typically works:Calculate the Depreciation Recapture: The $9,000 of depreciation would be recaptured at a maximum rate of 25%, which is $2,250 (25% of $9,000).Calculate the Remaining Gain: Subtract the excluded amount (Section 121 exclusion) from the total gain: $100,000 (Total Gain) - $9,000 (Depreciation Recapture) - $250,000 (Section 121 Exclusion) = $0Tax the Remaining Gain at Ordinary Income Rate: Since the remaining gain is $0, there would be no additional tax on the gain.So, based on this calculation, it seems like there should not be any additional tax owed after taking into account the Section 121 exclusion and the depreciation recapture at a maximum rate of 25%.It's essential to review your calculations and ensure that you are accurately applying the exclusion and depreciation recapture.
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9 August 2024 | 25 replies
When I checked out Google Vacation Rentals when it first came out, the data was not super accurate, so I'm hoping they keep building out that aspect!
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7 August 2024 | 0 replies
Knowing the property's condition helps you accurately estimate these costs.