All Forum Posts by: Colleen F.

Thanks, we have an LLC and I just don't want to run into trouble with the IRS(audited me first time when I was just 17 so it left an impression). He is documenting each time he works and what he does and there is no gifting involved. He is working for the money

For his inheritance if he has a paid job he can exclude more and effectively lower his tax on the money my mom left him which is all taxable to him because of what it was. If he has no job he pays tax on all of it no standard deduction and tax rate is our ordinary tax rate not the lower rate he would pay nor a capital gains rate. Since 2500 went to the lawyer because he has to has a conservatorship required per MA law and in addition he will pay our ordinary tax rate on the rest basically on 10,000 he will be lucky if he gets about 3000. My understanding is if we pay him for what he is doing it will be an expense for us and he is an employed person so he files and he can deduct and invest in an IRA equal to his paid wages. This would seem to effectively decrease his taxes since he gets the standard deduction too. In any case we're paying him anyway and just wanted to see how to do it right. not sure about a 401k to but will look at it. For us right now it is about his taxes which seem like a lot but I want to document well so I thought there might be a service that does the paying. If it is a 1099 and I don't have to do monthly tax payment like you would with and employee that is less complex. Thanks all

First , what is your goal? If as I think it is to decrease your costs a couple of policies I would implement even if you decide not to go with coin op. All HE machines, this decreases your water cost. Electric, if you can shift this to them by getting their own machine associated with their electric meter and also by using point of use Hot water heater that is good. However the initial outlay is high for a Point of use HW heater. If you decide to go with coin op I have hear of card machines and machine leasing but I have no personal experience. Good luck!

In our area rentometer.com is a pretty good ballpark estimate. It won't tell you the exact rent to charge but will give you an idea of where you are. In addition you have to look at condition , it makes a big difference. We look at craigslist and sometimes call someone with a sign out.

Generally no closet, no bedroom but what does the local code say. there is also minimum square footage in some towns I am in and even if you meet those requirement if you are on septic it is limited by number of bedrooms allowed on the septic. Pass through doesn't matter. You may not be able to go by tax rolls either because the assessors can mess up. You know what you are willing to pay stick with it.

He does landscape activity mostly, clearing brush and mowing. Some painting and assisting us with things as we get the property back in shape. He did a few welding jobs (he is in vocational HS) and the welding I am I pretty sure I can pay on a 1099. The rest I am not so sure. I am paying him anyway but this year I would like to allow him to place the earning in an IRA. He will pay kiddie tax on money my mom left him and the IRA lets him keep more of that.

Ok so I hired my son to work on my rental , he is 17. Some of what he does is not 1099 work but employee work so we should be withholding taxes and sending to the IRS. can anyone recommend an inexpensive service for this OR a way to do it easily. I know someone will say ask a CPA but I had a parting of the ways with the current CPA ( he filed our 2012 taxes FINALLY in September). I am working on finding a new CPA but now I think I am remiss in getting my sons tax payments in since it looks like they are supposed to be monthly not quarterly. The IRS well they aren't my favorite government agency so I want to have things right...

5 units and above would usually require commercial financing, at least that is what happened to us. I don't know about VA loans.

Yes, I expect then it would add value. I would get a plumber estimate. We brought contractors in during the inspection to estimate.

I thought there would be one here. 40 units as a start you're ambitious good luck!.

We did this in a basement in a house we bought where there was no grinder but a toilet..I don't know what they were thinking. The unit we added was a toilet with a box in the back with a grinder in it for about $800.00. It did not add to the cost of the plumbing itself but in your case you are gonna have to lay a drain for the toilet in the foundation. It depends on your area. Our area to add the toilet and sink but no shower was about 3 K. If it adds value well that depends on what the basement is. If it is part of a living area/ bedroom , maybe a walk out basement sure. In the corner by a utility room probably not.