Eric Tomlin
Tax owed when selling a rental home after a fire loss
Good day experts. I am trying to understand the tax laws and determine my tax liability for rental property that I have sold. The uniqueness of this transaction is in the fact that the property suffered a fire, and I...
Michael DiFranco
How is property depreciation/basis affected after a fire?
I am trying to sell a commercial investment property and am wondering the tax implications.Here is the example.I had a long term tenant, 40 + years. Original Value of Building in 1970 was like $500k.In 2007 there was...
Kevin Sapp
Tax on unused insurance settlement
Hi,Situation is a property that I own outright, had roof damage and received an insurance settlement. Because of the circumstances, sold the property, the settlement will not be used to repair the property. Some of t...
Edward Adams
Roof Replacement Depreciation
Hii just changed the roof on one of my rental properties. it cost 18K and insurance paid for it and i only paid 1.5K for deductible. do i just depreciate the 1.5K on my tax return or 18K?
Kyle Weinapple
LLC or not? If so, which LLC option is best?
Hi BP,
I own 2 rental properties in Baltimore MD and i am first having trouble deciding on whether to place them in an LLC or not (I plan to slowly scale and house hack a new property once a year). If so, I am having...
Shefali Rai
1033 Exchange for Fire Damaged Property
Hi - looking for inputs from 1033 exchange experts:1. Our investment property was severely damaged in a fire 2. We have received insurance proceeds and are also planning to sell the fire damaged property at a deep dis...
Aaron Franke
When does risk of loss pass - Foreclosure auctions
I think this question is relevant given the impending Hurricane. My question is: If a home is purchased at the foreclosure auction; when does risk of loss pass. The certificate of sale isn't issued until 10 days af...
Amber Hu
TIC percentage and value
Hi everyone, I am new here. I am trying to buy a TIC (tenant in common) and I wonder if anyone can share any insights for percentage ownership interest. The TIC is the last unit in the building, but the ownership perc...
Shefali Rai
1033 Exchange (not 1031)
Hi - looking for inputs from 1033 exchange experts: 1. Our investment property was severely damaged in a fire 2. We have received insurance proceeds and are also planning to sell the fire damaged property at a deep di...
Michael Bertsch
Casualty loss on rental property
Several months ago we had a bad storm come through and the roof was damaged on my rental property. The total cost was about $4k to replace. My insurance claim covered part of the cost. I paid $2800 out of pocket. So, ...