Chris C.
Tax Write-off for rented room
Hi All, I recently rented out a room in my house for 3 months. What all can I write off?Also, he ended up not mowing the lawn (which he was supposed to), and the city came out and did it. I did have my friend mow th...
Steve J.
Maintenance Budget Question
Hello BP!I’m a newbie, I purchased a home warranty for my rental, I got the everything plan! Prior to this, I was allocating 10% for capital expenditures every month, and 5% for regular house maintenance. Given that I...
Guillermo Kennedy
Forming a Joint Venture
Hello All!My business partner and I already set up an LLC and we are looking to start acquiring RE with two other individuals through a joint venture type setup. HOWEVER, want to avoid/minimize setting up a new compa...
Champ Leong
Needing help with FIRST negotiation! TIA!
I'm talking with a friend who owns two mobiles homes on rented lots. She also owns property with a double wide mobile home. She knows my personal situation rather well. She is going to show me some properties this wee...
Benjamin M pitassi
1031 Specific question
Situation: I have a friend who wants to sell a rental and use the 1031 benefits on a primary residence. Can he legally do this by buying a duplex as an investment property and also using it as his primary residence? ...
Alan Berlin
House Hack Percentage
I'm setting up my first 1031 exchange on a duplex sale that I lived in part of. The house was two units but they are not equal size. I'd estimate that our unit was %65 of the house. Does it go by percent of squar...
Chris Kovarik
Cash per unit
How much cash should I have set aside per unit in case of emergency?
I didn't know if there was a rule of thumb, but was thinking a year and a half worth of expenses.
Jason V.
Section 121 gains exclusion reported on what IRS forms if home was rental for 2 yrs??
It's my understanding that if there's a "partial exclusion", I'd use a Form 8949 with Code H...And if it's "fully excluded" and there's no 1099-S issued (which I indeed received no 1099-S), then I'd simply not mention...
David Y M.
Tax Schedule E Questions for Active Participation Loss
Current Situation - Trying to tax plan for 2020 tax year- househacking with SO and 3 other roommates, and planning to claim active participation and claim a deductible passive loss- Deductible expenses are based off f...
Dan H.
Underwriting STR - Looks promising but deeper evaluation shows poor return
This cabin is in the sierras near Giant Sequoia National Monument. I identified a nice cabin in a nice area that I was going to offer $500k to STR it. Bonus I found a co-host with a presence in the area that would co...