All Forum Posts by: Wendy Vaidic

I have guests sign via Docusign.  I feel like it sets both myself & the guests up for a smooth visit as they know what is expected & what happens if they break the agreement.

I’ve had guests realize they were bringing extra people & that people in their party smoke when they read over the agreement.  Both no smoking & guest limits are listed in my rules on the platforms.

I always feel like I dodged a bullet when guests decide to cancel after reading it.

Hi Everyone!

I have researched De Minimus Safe Harbour election & it sounds like a very beneficial tax election.

My understanding is:

1. You can writ-off, instead of depreciating any item under $2500.00 ($5000.00 with an income statement).

2. You must account for these items as DeMinimus in your books.

3.  You must notify the IRS you are electing it on your taxes.

4. You cannot write off individual components to keep an item under $2500.00.  For instance if your flooring cost $1500.00 & the labor to install it cost $1500.00 it would not qualify because the aggregate cost is $3000.00 for the flooring.  

I am wondering if you increase your likelihood of being audited by taking it?

Thanks!

Wendy 

Which technology tools do you find most useful & in the case of pricing most accurate?

Hi Avery!  Are you currently selling off any of your properties given the high values, and conversely,  are you continuing to add to your portfolio?

What are your go-to brands for bedding & coffee?

Hi Avery!  What type and brand of sheets do you recommend for the summer months?

I've read conflicting information about what triggers you to have to pay self-employment tax on your short-term rentals.

There seems to be a consensus that the following does:

Airport Transportation

Providing cooked meals

Offering Tours

Cleaning during the guests' stay

Decorating the property for a party as a service

I'm not sure if these would cause me to have to pay self-employment taxes, as I've seen these items on a couple of lists but not most:

Providing a coffee station

Providing a welcome basket with food items

Providing bikes and kayaks for the guests to use

Does anyone know where the line is of what you can and cannot do and provide?

@Mitchell Zoll @Natalie Kolodij Thanks for the input.  

Does anyone have an account versed in real estate that they recommend in Florida?

Hello!

Due to a time crunch, I purchased a long-term hold property under my flip LLC, which is taxed as an S-Corp (I know it was a bad move, but it was the only one I had)

We have renovated the property and are getting ready to rent it out.

I would like to transfer the property from the flipping S-Corp to a long-term hold LLC but have a few questions:

1. Can I sell the property to the LLC at cost or does it have to be fair market value?

2. Can I quit claim it to the long-term LLC?

3. Any other ideas that would keep expenses down while moving the property from one business to the other?

Thanks in Advance!

Hello.

We bought a home to flip in our LLC, but we have decided to keep it as a short-term rental.

We do not have any active flips in the LLC at this time, but we have done many in the past and also sold a flip through the LLC this year.

Will this create tax problems if we stop flipping with the LLC and just keep the one long-term hold there?

Thanks!

Wendy