Mariah Jeffery
Becoming RE Professional for Tax Purposes
All,My husband and I own 28 rent units in another state. I co-manager these with my father-in-law. He is local and does showings and maintenance, and sends apps to me for processing. I do the advertising, and have to ...
Chelsy S.
Louisiana Citizens Fair Plan Assessment - Tax Deductible on Rental?
First timer for tax filing as a landlord.... I know I can deduct the property insurance as an expense, but my question is regarding the credit for the LA Citizens FAIR Plan charge which is on all Louisiana policies. I...
Nick Boring
Capital Gains Tax on a Secondary Home
Hello BP and thanks in advance for your help!
From my understanding, secondary homes are not exempt from the capital gains tax, and if you are not renting it out then you cannot do a 1031. However, this client has h...
Patrick Britton
HOA and rental restrictions
Hi,I'm the listing agent for a condo whose HOA is making a rather unusual demand. They are "requiring" that all sales be made to owner occupants only, no more investors, no more landlords. Normally, if in the condo'...
Moises Ulloa
Appellate Division overruled foreclosure tax law
Hi All! I’m in the process of closing on a property in NJ which is being sold by another investor who got it through a tax lien foreclosure. During the process I recently learned that the title company working on my c...
Justin Kelly
HOA dealings
I have purchased an owner occupant condo in a HOA. The HOA is at capacity for rentals set at 10%. I am first on the waiting list to rent but will have no way to know when a spot will open. I would like to buy anoth...
Oren K.
Bank Statements & IRS Forms in DD??
As a Canadian looking to invest in commercial in the US, I (not surprisingly) do a fair bit of reading on the topic. According to a number of books / articles, it is NOT uncommon to request several years tax returns a...
Jim T.
California Rent Gouging Laws
In late 2017, Governor declared a few counties in California "Disaster Areas" and CPC 396 comes into play forbidding rent increases exceeding 10% for the 30 days after the declaration. According to CPC 396, it can be ...
Sarah Humbargar
1031 a rental house or move to qualify for 2-5 exclusion?
When my husband and I got married, I had my own house and we decided to rent it out and move into his place. It's been a great little income producer, but we are looking to get into commercial properties rather than s...
Devan Johnson
How to finance a rental ? "primary residence" rule enforced?
Situation: All of my assets are now liquid. Currently renting myself. Looking to buy a primary residence and 1-2 income properties. Because rates are so low, I would like to conventionally finance (20% down) a rental ...