Michael Hooper
Survey came back different from plat
So I recently purchased a property, in the due diligence I pulled the plat from the register of deeds. The plat confirmed that the property was 160.66" by 50", for a little over 8000 sq ft for the lot. It is zone RS-8...
Jeremy Porter
Mastering Rental Property Finances: A Property Manager's Guide to Expense Tracking
Effective financial management is absolutely crucial for achieving success in the competitive and dynamic rental property business. Property managers hold a key position in the process, as they are responsible for ens...
Carolyn L.
Selling shares of LLP to reinvest - tax strategies needed
We own shares in a private real estate LLP, with an opportunity to sell these units and reinvest the cash proceeds to purchase our own cash flowing rental properties. The per unit basis is $3,100; the new 2015 value ...
Brian Nel
What due diligence in determining cost basis for depreciation
In reviewing my taxes for the upcoming year, I've been looking more closely at my Schedule E and reading more about depreciation and cost basis. I know that your cost basis needs to be accurate, a number the IRS agree...
Thomas Bryan
Capital gains tax on a four unit that I lived in for 4 years-1031
Hello BP! I have a few questions regarding the sale of my four unit apartment that should be a CPA's dream! I bought the building in 2013 for 74,000 as a three unit that needed work. I since converted it into a four u...
Michael Wnek
Best time to Start an LLC
My Wife and I are looking to move into our first House Hack soon. I have a general question as when is the best time to start an LLC. We will also be managing a family property and looking to grow our portoflio over t...
David Ackerman
advice wanted on use of excess cash flow
Hi all. Here is my current situation
Property 1: A recently purchased SFH in Raleigh. I put 20% down and have a 4.62% mortgage on the other 80%. The property cash flows $200/month. I have $4,000 in reserves for v...
Gaurav Malhotra
Depreciation Question for Commercial Real Estate
Hi, I am purchasing a commercial real estate (offices). here is the data:1. Cost: 1.1Mn2. Originally went into service in 1965 (55 years ago)3. Assessed land value if 70% and Building is 30% per the county4. Useful li...
Ishviyan D.
tax assessment on property - land value seems too low
Hi. I purchased two properties in 2016 and am having a hard time understanding how to evaluate depreciation. My accountant said that depreciation will be against the value of the land, not the actual home. Is this tru...
Joe Dice
multi-family capital gain tax in NYC.
Hello,New to the forum, feeling very much like a newb in this whole real estate tax world. Hoping someone can help clarify some information I've gleaned from my accountant. Thanks in advance for any and all help to pi...