All Forum Posts by: Anthony Drew Gary

@Steve Vaughan thanks for phoning a friend!  In this instance, I won't have any acquisition costs because I've been living in the soon to be rental for the past 3 years.  I'm closing on another house in town, moving into the new house, and renting the old house.

Unless I can somehow count the closing costs for the new house as costs for "acquiring the rental"?

@Steve Vaughan

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?

PS, all of you guys are great!  Thanks for your wisdom!

Thanks, @Daniel Dietz!

I'll ask you the same question: do you have any unique deduction tips that the newbie investor would forget about?

@Jack Cheadle, Thanks for chiming in!  I actually just requested that audiobook from my local library yesterday.  I'm also one chapter into Amanda Han's book.  I won't actually become a landlord until January/February, but I want to make sure I'm getting my ducks in a row.  Appreciate your thoughts!

@Steve Vaughan, yeah, it might not even be that much.  I just thought I'd ask the question.  If other people were doing it, I figured this would be a good way to find out.  

Do you have any unique deduction tips that the newbie investor would forget about?

I'm curious if anyone has tried to deduct the cost for an account on Audible.com or a similar audiobook database subscription on their taxes?  Can you justify that there is enough real estate related content to write off the subscription cost?

Thanks, BP!

Anthony

@Monti Harris thanks for sharing your information! I've found the same to be true. I've not yet formed LLC. Closing on property #2 next month and they'll be in my name until I pay them off. I'll transfer them to LLC once I have enough reserves to pay off notes if due on sale ever occurs. I'll add you as a connection. Good to know someone else on the west side of town!

Welcome to BP!  Sounds like you're just starting out, as am I.  I'm happy to help / share connections/specifics as I'm able.

Anthony

@Kirby Jackson a little bit of work on the soon-to-be rental at 56th street area on the NW side.  That's all for now.  My background is construction if you ever need help writing a scope of work or vetting contractors.

Welcome to BP, Ryan!

Sounds like you're half a step ahead of me.  I currently own a home in Indy and will be buying a home, most likely in Fishers, in the next several months to move into and use the first as a rental.  

Is your current rental occupied?  If so, you're already killing it!