Troy Longtine
Partial use deductibility
Here's my situation. I've currently only have two SFH, but plan to add a couple more this year. I've essentially only been doing this for a year, and things have been accumulating such as mowers, snowblowers, floori...
KENDRA J.
sell or hold rental property
Tenant moved out of our 5 bedroom rental house last end of July. Have owned this property 11 years and was our primary residence until 5 years ago when we started renting it out.
Market for selling has picked...
Miles Stanley
Forming an LLC (or other entity) befire first deal...
I know there is a long debate on this topic as to forming an LLC at the very beginning or after getting the ball rolling and waiting till a few properties in (I'm interested in buy and hold btw).I know the formation o...
Urvashi Vasishtha
Pros and Cons of Paying Off a Mortgage Early
My two cents on the pros and cons are:Advantages:Probably the primary benefit of prepaying a mortgage is personal peace of mind. In addition, borrowers pay less total interest overall when paying off their mortgage ea...
Shaun Hunt
Hold or Flip?
I am sure this site is full of answers regarding this question, but I need a little advice.I just picked up my fourth investment property. Once repairs are complete, I will have 50-65K equity. I am quite excited abo...
Carolyn L.
Selling shares of LLP to reinvest - tax strategies needed
We own shares in a private real estate LLP, with an opportunity to sell these units and reinvest the cash proceeds to purchase our own cash flowing rental properties. The per unit basis is $3,100; the new 2015 value ...
Rene Hosman
Have you ever moved your HSA to get better investment options?
I haven't seen a lot of discussion about this topic which surprises me since I feel like personal finance people talk about HSAs all the time! A couple months ago there was a guest on the BP money pod that said someth...
Carolyn Guertin
Renting primary residence in Toronto
I have some questions that I hope the BP community can answer for me.My elderly father has just moved into in a retirement home. He is weighing the pros and cons of selling versus renting out his home in the GTA. He o...
Account Closed
Real Estate Rental Income as written by Kislay Shah CPA
Real Estate rental income is earned when a real estate is leased for rental income generation. Rental income generally is treated as unearned or passive income for income tax purposes. Rental income is reported on Sch...
Benjamin Chavez
Transfer taxes from business to personal.
Has anyone transferred their property from their business to their name? If so what are tax consequences?