Alyssa Magyar
Best credit card and bank accounts for rental property & how many
Hi all! I have one town home I am currently living in and hoping to rent beginning in 2023! (hoping to do a mid-term rental, furnished, focusing on professionals/traveling nurses). I know I need to get a credit card a...
Nathan Emmert
Non-Refundable Security Deposit
The rental I purchased last week had fairly significant security deposits in place, a portion of which was labeled as "non-refundable".
Am I correct to assume that's essentially income?
If so, from a tax perspective...
Lilla Horvath
Bookkeeping Security Deposit
Is a security deposit regarded as income for bookkeeping purposes? I'm using Excel spreadsheets for now to do my bookkeeping. How do I account for the security deposit without inflating the cashflow? How do I account ...
Steve S.
Tax question on rental income
I'm trying to get a better understanding of how much of my rental profit I may be able to keep. If my AGI is $150,000 and my rental profit is $24,000 for the year, after paying the PITI and expenses, in a rough estim...
Gianluca Rossi
Do I need to create a company or separate bank account is enough?
Hi,We are closing on Friday on a property upstate that I would like to use as a vacation home and rent regularly through VRBO/Airbnb.I've read of the importance of keeping a separate bank account for our rental proper...
Lauren Baiata
Separate bank account/ credit card??
Hi all,
I am under contract to buy a two-family for my first house hack! I will be living in unit #1 that needs TLC and will be renting out unit #2 that is already fully renovated. I have spoken to my CPA and decided...
Ryan Guffey
How do you separate income and save for expenses?
How do you separate income and save for expenses? If everything lines up and its a good property what do you do to set money aside, hypothetically if your income was 1000 and you set aside 100 each for 10% for Mainten...
Account Closed
Current Landlord for my family's rental home trying to maximize profit, need guidance
Hello new to the forums here, first off I'm loving the site and plan to use it to it's full potential.I have alot of questions but I figured I'd start out with something that is relevant to my current situation. I cur...
Yeshua Smith
Can you deduct real estate purchases from your taxable income?
Hi, I'm new to real estate investing. I was wondering if I form an LLC to use for making investments, could I deduct the purchase of real estate from my regular income? For instance, let's say I make $200,000 a year f...
Rich Hupper
Passive day to day income
Two questions for anyone willing to help a newbie.1) what is the point of a roth or traditional IRA if you can only add 5000 to it each year. I am 30 so that means I have 29.5 years I can add to it. If my math is corr...