Brigitte Garrett
IRS classification of Maintenance costs
Hi All,Under the current tax laws is interior painting considered maintenance vs repairs?What about roof maintenance (replacing a few shingles)?I would like to have document references to support classifying these two...
Jeff Brown
Reducing Capital Gains with adjusted cost basis/ self contractor payment
Hey guys, this falls under a tax strategy question, however some of you may have had this scenario happen before.
I'm looking to sell a commercial property that has one renter in the building (business commercial). ...
Paul Veronis
How to effectively manage a virtual assistant?
Hi Everyone,I have hired a VA to do cold calling for me. I was wondering what some good strategies would be too effectively manage and train my VA? What type of KPIs should I set for him? How many times should I set u...
Gordon Middleton
Insurance coverage of improvements with unlicensed team
Wasn't sure how to word the title, but here are the details.I have a contract with a landowner to use his existing dock on a public waterway. The contract entitles me to perform, with approval from the landowner, any ...
Chris Sullens
Are all costs prior to placing a tenant considered purchase cost?
So an experienced CPA recently told me that essentially all costs incurred prior to placing a tenant are considered to be acquisition costs and get written off only as depreciation. Is this true? I'm sure he knows wha...
Collin Smith
Working on your own AZ flip - rules for cosmetic items
Hello BP Community,
I’m in the Phoenix metro area and am looking to acquire my first investment property to flip. To keep expenses down I would like to perform some of the cosmetic work myself. I’ve done several live...
Steven Libman
A Comprehensive Guide to Tracking Key Performance Indicators (KPIs)
A Comprehensive Guide to Tracking Key Performance Indicators (KPIs)
Discover how key performance indicators (KPIs) help us measure the success of various aspects of our business by tuning in today's episode!
Key per...
Bradford Myatt
Property Owner Liability on Tenant Making Improvements
Hey All,Quick question. Where does the property owner liability fall on a tenant making improvements to a property? Here is a situation:Tenant informs property owner of a small fix that would improve the property. ...
Shannon Richardson
Questions About Taxes for a House Hack
I just purchased my first investment as a house hack, with the intent of living there for a year or two, and I am seeking clarification on a few things relating to the accounting side of this. The property is a 3-unit...
David V.
How to deduct painting expense for a rental property
This is a two part question1) If I hire a painter to paint an entire inside of my rental house for lets say for $3,000 would this be considered a repair expense (improvement) that needs to be depreciated or would it b...