Aubrey Ford
How much of the house can I consider as rental for Tax purposes?
I bought a SFR with a completely built out In-law suite in the basement. My tax person says I can deduct a % of the repairs I've done based on the SQ Footage of the basement unit. Seems clear enough. However I am also...
Nick Osborn
New to Running Larger Complex, 36 Units, Trying to setup Financing
Hello,
Im working with a lender to refinance into a Fanny Freddy mortgage now that I have stabilized my 36 unit complex.
They have asked for a CAPEX schedule, and a T-6, in addition to the rent roll.
I imagine a...
Haickel Padron
Reporting 3 flat in Taxes
Hello everyone,I have a question in relation to reporting a 3 flat or 3 unit that I have in Chicago in the taxes. I still need to create my LLC but as of today the question is the following.How should I report the 3 f...
Yan B.
New to landlording, considering my first property (IL)
Hello everyone,I am seriously considering becoming a landlord, and recently I started looking at the "starter" properties nearby. Found a three-unit property with the asking price of $150k, property tax of about $7700...
David D.
Tax Out of State Income
If I live in CA and earn income from AZ (re sale or rent income, note sale or interest income) do I pay CA or AZ state taxes? Does it make a difference if assets are owned in an entity?
Harrison Biddulph
Reporting rental property income (tax questions)
Hello Everyone,
My sister and I recently inherited a paid off rental property that nets around 20k a year. This house is held within a living trust that my parents set up. All assets within the trust are supposed to...
Eric Meinnert
Best way to pass on the water bill to inherited tenants?
My wife and I recently purchased 2 multifamily locations, with a total of 6 units. We had signed all the tenants to a 6 month lease initially, and we currently pay water. The water bill per quarter averages anywhere b...
Ian Livaich
Analyzing a Student Rental Property
All,
I am under contract on my first deal -- a student rental property in New Jersey. It is a single family home with 6 bedrooms and is fully rented for the upcoming academic year.
I am trying to determine the be...
Justin Sutton
Carolina Snow Flip!
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $135,000
Cash invested: $85,000
Sale price: $275,000
This was a traditional flip utilizing our hard money le...
Nancy Chawla
1031 Exchange with mortgage
We have a two family home. We live on one floor and the other half is rented. The property is being sold for $1 million with a mortgage of about $300k. We're planning on doing a 1031/121 combo. The rental half is esse...