All Forum Posts by: Anthony Drew Gary

As a "local" from Indianapolis who went to Ball State in Muncie for college, I can promise you there are next to no people who live in Muncie and commute to Indianapolis for work.  There's not enough appeal to Muncie to make it worthwhile.  The big draw to Muncie, and literally half their economy, is Ball State University.  When you start looking at renter applications, those who work for the university will be your most reliable.  Otherwise, I agree with the majority of the assessments above.  Those who are really killing it in Muncie own student rentals adjacent to campus.  That market is always hot and there are 6-8 players who tend to end up with the majority of the good locations.

Ball State University in Muncie has a residential property management major... Perhaps you can peg down a student to handle a few day to day tasks for you without having to have a true property manager?  I'm a BSU alum, myself.

I get the hits for Muncie because I went to school there.  If at all possble, market your Muncie properties to the Ball State students.

@Shawn Holsapple Shawn, are you willing to share this accountant one more time?

Thanks for your answers, Andrew and Jake,

When I said 16 IRS categories, I actually mean lines 5 through 19 on IRS Schedule E.  Are there any cheat sheets for what is acceptably included within those categories?  I want to make sure I'm starting up shop in a way that accurately categorizes all of the possible tax deductions.

Appreciate your time!

Warning: Newbie Investor Question!

I'm going to start renting out my first house in January and I'm curious if there's any sort of cheat sheet / checklist / reference of all of the different tax deductible expenses that fall under the 16 IRS categories.  I've done a lot of research and reading, but I'm positive my list is missing things.  

Is my head in the clouds?  Or does someone else thing about this the same way I do?

Thanks BP!
Anthony

Hello BP!

I'm in the process of generating leads for my first rental property.  I want to take to my social networks and offer a referral fee to friends/family/colleagues for anyone who can help me find a qualified tenant.  If I offer between $100-$250 for a successful referral, can I write that off?

Tanisha,

I would echo the guys so far.  Either come down to Indianapolis or keep going north to Muncie.  Muncie has a niche market, which is Ball State University student housing.  Muncie has a pretty strong town/gown divide though.  If you stray too far off campus, your market pricepoint drops significantly.

@Natalie Kolodij love your energy!  

Can you explain "de minimus" for a newbie like me?  As well as how it relates to the $500 in the current example:

Hypothetically, I list my rental on 12/1 and spend $500 making repairs in December. I don't rent it out until 1/15. Can I deduct $500 worth of repairs on my 2016 taxes even though I won't make rental income until 2017?

Thanks for being a rockstar!

@Christopher Phillips explain the $5,000 limit a little further for a newbie?