Account Closed
Suggestions on app for tracking expenses/miles?
Can you suggest any apps or software to track expenses for a rehab and also mileage on personal vehicle? Also if I purchase something for the rehab from an individual for a couple hundred dollars, would I need to get ...
Conor Shea
Best tax strategy for writing off expenses
Hi all, I'm a new investor looking to buy my first multifamily deal with a partner. We have an offer in on a triplex and will be using a VA Loan to purchase the property. The property needs to be rehabbed and I have t...
Seth Wiseman
Estimating Utility Expenses for Short Term Rentals
Hello everyone! I am looking into potentially making my current home into a short term rental on Airbnb once my wife and I make the move to a different residential home for some extra space. We are in Louisville, KY i...
Jeff Howard
Keeping records on expenses for tax purposes
All,Quick question... Building a spreadsheet of all my expenditures for my rental property. What kind of data does the IRS want to see if I ever get audited? I assume a list of the expenditures with dates, I also a...
Saman Jafari
How do you validate the claimed expenses
Hey all, I am having a hard time with my property managers to validate the expenses they claim. For example, one of them changed tge AC for around $1500 without getting approval and this month I get nothing from two ...
Juan Alcorta
Closing Costs: Miscellaneous Expense or Cost Basis?
Hi everyone, I recently closed on my first rental property and I'm curious about how to track closing costs correctly. Do they apply as "miscellaneous" expense (which I can deduct when I file the taxes of the current ...
Nam Nguyen
Real Estate Tax Planning and Business Expenses
Hello fellow real estate investors,
I am a new kid starting off in Real estate. I am currently living in California and need to learn more about real estate taxes, does anyone have a CPA (specialize in real estate) ...
Adam Benenati
St. Louis expenses (Duplex and four family)
Can anyone give some insight to average expenses for a duplex and four family? (Water & sewer, garbage, electric, gas, and any others I'm missing).
Thank you.
Hannah Joy
Depreciable expenses vs rental revenue income tax
What is the magical ratio of one time capital expenditures to capture enough 100% depreciation to neutralize income taxes on rental revenue? I know it exists...If I buy one property a year and do extensive renovations...
Account Closed
Expenses > Cash Flow for the First Year ?
Background:$50,000 house3 bed, 2 bathCash Flow:Rent - $850Expenses:Down Payment - $10,000Mortgage - $201/mo (30 year loan)Rehab - $10,000Repairs - $500 (may or may not spend)Property Management - $85/mo (10% is fairly...