All Forum Posts by: Courtney Nguyen

 @Lisa Graesser I am having the same issue at 1 rental right now.  There is pet smell in master bedroom and front door entrance, not too strong but it's there.  We replaced the carpet in master bedroom already with vinyl but it still has a light smell.  So you are saying we only need to run the ozone generator for only 1 hour and that should do it?

@Jason Wray thanks for the tips.

bump

Hi BP,

So I need to buy a new car soon (cash, less than $35K). Should I put it under my personal name or put it under LLC's name? Can I write it off as business expense for the whole cost? Or will it be depreciation? It will be used for both business and personal.

I asked one tax person and she here is what she said :

You get a sales tax deduction for car purchase. Depreciation the vehicle over 5 years will not be as impactful as that sales tax deduction. Also, you would write off any business mileage related to rental properties or partnerships. However, do not plan for a dollar for dollar refund on this purchase. The car purchase will provide a deduction on taxes.

Haven't asked our cpa yet but just want to post the questions here to see what our BP community thinks about this.

Thanks!

@Bonnie Griffin Kaake yes, I am aware of that.  However, this building is pretty new (only 4 years old) and still has 20+ warranty on it.

 Yes, the foreign investors are partners in our real estate investment.  

Yes, we did file a partnership reporting them as partners.  And we already withheld tax on their behalf.  So this money that we want to send back is already after all taxes, etc.

@Henry Clark  $250K per day.  This is with Chase.

So I called the bank and they only gave me the daily limit I can transfer and said that's all they do, only to do the transferring.  In terms of forms and reporting and things like that I will have to ask a cpa.  Not too many CPA know about this unless they have dealt with it before.

@Sharon Tzib Thanks for sharing.

 Thanks for the tip.  I really like to try that, especially the not having to come in.  Will the bank in the morning.