New to Real Estate · Farr West, UT · Member since 2019 · 10 posts · 1 vote
Future landlord here, any help would be awesome. So my wife and I went full Dave Ramsey and paid our house off at 33 years old. We now are going a different route and we will be moving to our new home in November and are going to use the current as a rental. We have roughly 2 or 3k we are thinking we will put into the rental. Should we do that now or wait tell we move out so we can write it off? Also I plan on finding a cpa/ tax man.
If they are minor repairs, like painting, do the repairs after the house has been "placed into service" or listed for rental. Repairs done after the house is listed for rental, and are under $2,500 can be taken as an expense this year.
If they are minor repairs, like painting, do the repairs after the house has been "placed into service" or listed for rental. Repairs done after the house is listed for rental, and are under $2,500 can be taken as an expense this year.
@Bill Hampton thank you, do we need to do anything as far as putting it in service? Or is it already considered a rental once you list it? Again thank you.
When I first had to do taxes for my rental property a couple of years ago, I bought the book "Every Landlord's Tax Deduction Guide", by Stephen Fishman, J.D., from Nolo Press. It helped me a lot in figuring out what I needed to do.
Even if you hire an accountant or tax preparer, reading a book like that will help you understand why he or she asks for certain records, or suggests that you do things in a certain way.