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19 December 2022 | 5 replies
I know it needs to be placed into service in the year you claim accelerated depreciation.
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22 December 2022 | 6 replies
To throw out the idea of using an entity to protect yourself because of some claim that it only works 50% of the time is dangerous imo.
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13 December 2022 | 5 replies
I feel like my response may be as all over the place as you claim your question was, but I hope this helps!
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8 December 2022 | 5 replies
Turns out my credit is not as bad as I thought I’m a 620 not good but not as bad as I thought the main thing holding it up is a complex collection from years ago of 33k for a travel trailer that my ex let get repossessed without letting me know however I claimed bankruptcy years ago and included that trailer so I don’t know how they were able to get that on my credit now.
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13 December 2022 | 17 replies
The work around is to quit claim deed the title back to your personal name, refinance, then quit claim to the LLC.
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23 December 2022 | 57 replies
25% for flood when creek rises, fire, non paying tenant, roof repairs, tree falls on duplex and insurance deductible is $2500, tenant puts toy down toilet and clogs main line, dog which you did not allow bites someone, disposal stops working, property manager 10%, property taxes increase because they see you did rehab or you changed the title, noise fine as tenant decides to become a drummer, trash bill, ants or vermin and you have to hire a exterminator, mold claim, planning department inspection fail, city fee as business, legal fees, CPA fees, insurance goes up, Imperial Beach business license and landlord permit/ annual fire safety inspection/gas co inspection $1500+, heaven forbit the Coastal Commission says you dumped foul water, to name a few
20 December 2022 | 6 replies
My next question would be, how long have you been renting out the upstairs and additional room, and are you claiming that income on your taxes?
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12 December 2022 | 4 replies
Most will not claim anything after 30 days and you can sell it.
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9 December 2022 | 15 replies
Our other properties are STR in TX, which I really love but the tax on property is crazy in TX (yes... it is much higher if you have a rental vs. personal home - you can claim homestead if you live in the property).
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1 January 2023 | 10 replies
If it's more than that, you can take them to small claims court for little cost and with little effort.