Breelon Bryant
Tax write off for turning unit
Hey everyone. I am currently turning a unit and doing some minor repairs to my first unit to get it rent ready for my next tenant. Its only going to cost about 3k to get everything done. I have a contractor, who is am...
Dina Abbott
Tenant keeps making improvements on the house
I am renting a house to a tenant that keeps making improvements to the house. He put in a backsplash in the kitchen, put up larger fence doors, light fixtures and fans, etc. I keep telling him to stop and he says don...
Justin M Christian
Is Cost Segregation Possible for Smart IoT Improvements
I am curious about if smart locks, lights, thermostats and any other smart device property improvements could be counted toward cost segregation. Does anyone have any idea if this is possible and if not, could you ela...
Drew Markert
Should I get a separate credit card for house hack?
Hey BP,I recently purchased my first duplex to use as a house hack. I have separate bank accounts set up for the property but was wondering if I should get a credit card as well? There is about $10-15k of rehab work...
James Quillen
Tax implications when living in the property
I'm trying to figure out the tax implications of the househacking method. I will be living in the basement of a property I just purchased and renting out the main house. Are there any differences from a tax perspectiv...
Deb L.
Tax/depreciation questions bathroom remodel
I'm having the master bath remodeled starting in January-cost about 9K. It continues to be occupied by good tenants. I gave the contractor 3K deposit this week for cabinets, etc and I will also be buying some lighti...
Jeff Howard
First rental property last year, how can I write off more than 5K
I bought my first rental property last year and I am trying to write off as much of the expenditures as I can. We had a lot of expenses going in, closing costs, repairs, and improvements. Our total expenses outside ...
Rafael R.
How much is to much ?
2020 bought primery plus rental 30k worth of write offs.Tax guy told me to claim them all-,Wanted a second opinion so went to accountant, accountant advise me NOT to as it would raise red flags and to use it another ...
Michael Lynch
Capital Investments vs Repairs
I'm new to BP in terms of posting, but not in terms of reading/podcasting. I currently am an owner of two duplexes in Buffalo; one I live in and rent out half (owned 2.5 years) and the other I formed a partnership (LL...
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Tax Write Off's?
Hopefully this is the right forum, as creative financing goes I have a question. If I was do strike a deal with a property owner via a lease option to buy in 2 years, I do improvements such as exterior paint, landscap...