All Forum Posts by: Dave S.

Hi everyone, I wanted to get the general feel for what people do on here as it pertains to small fixes around their rental properties. I have 6 properties, most are with a mile or two from each other. What would you do if there are small jobs like a burner on the oven isn’t working, screen door blew open during storm and needs to be fixed, a couple skate tiles need to be fixed, etc, etc. if it’s not major like electrical or plumbing, do you guys have a handyman that you know and trust? Do you do it yourselves (even though you may have a full time job) or do you have a “specialist” come out at a premium to get the items resolved? Thoughts? Pros and cons? Thanks in advance for your time? Dave

The setup is as follows: I loaned someone money. He used this money for flipping a house. He paid me 1% a month until a balloon payment +3%. At the end of the year, his CPA issued me a 1099-MISC form. Obviously this was not correct. Im being told that I should of sent him a 1098 form. Should I of done the 1098 form or should his CPA resolve this by sending me a 1099-INT??? Looking for what others think

Hi, I want to thank you for taking the time to read this. 

Call me insane but I wanted to take a stab at doing my own taxes and see if I can make my way through. However my biggest fear is that I leave a significant chunk of money on the table (or worse, I over look something that causes me to have to OWE taxes). So I wanted to understand a couple things to help me get started. 

First, I own a couple properties under my name and a couple under a sole-prop LLC. My question is generally what are the tax forms that spit out from these. Schedule E of course..would there be one for for personal and one for LLC? What other forms maybe worthwhile

Second, I understand that you should keep ALL of your receipts and itemize your expenses. Also that you can take depreciation over the 27.5 years. There is also a deduction for a home office and mortgage interest, what other deductions are there that I should be considering? Anything I should consider itemizing over taking the standard deductions?

Third, I purchased 5 properties THIS year. What specific deductions would be applicable. Is there a very easy to read document that outlines line by line what items from the HUD-1 are deductible vs depreciated vs ????

I'm being told that especially for the 1st year of owning a rental I should be getting a good chunk of money back but I'm not seeing that so I'm 2nd guessing myself so far, hence the post. 

Anyone know of a good example of a real estate rental tax filing?

Thanks in advance

Does anyone have a good checklist of items that can be included in the accelerated depreciation method? I.e. fans, furniture, etc, etc,. 

What are the depreciation rates for each?

What are the amounts for each that you can use (especially for items such as an oven or the like that came with the house when purchased?)

Are there lower limits for the depreciated items, i.e. there are scrap values to an oven, so $500 to start and can depreciate it down to only $100 and not $0 over the period of time).

As i understand this an engineer or CPA would need to fill this but I wanted to get a jump start on understand what can be done here. 

Thanks in advance

@Michael Plaks So in short are you saying that the accelerated depreciation methods have more cons than pros from your experiences? What scenarios have the accelerated methods make sense in? The houses that I have are needing repair, because of this does it make sense to perform the accelerated method? And finally what other many methods are there and how do I know which is best for my scenario?

Thank @Brian Adzadi, @Michael Plaks, @Natalie Kolodij and @Amy Beth

I guess i was confused in the sense that if I pay and I get reimbursed from the tenants, its a wash until tax time when that income is now taxed at the appropriate level. So in the end I would be paying the taxes on the utility bill income but the tenant would of obviously only gave me the amount of the utility. But you guys are the experts :-) and it makes sens that its net income and not cash collected. 

Amy, I will definitely do that. I was cautious as a utility such as water is lienable on the home if not paid. 

Who does what and what are the pros and cons?

So here is the scenario....Utility bill comes to my address (these specific utilities are in my name), I pay for them so that they are on time with no late fee. The next month the tenants reimburses me. Wouldn't the reimbursement from the tenant be considered "income" and I would have to pay taxes on that? If not how would i classify these transactions for tax purposes?

Sorry what is pva? Whatever method I choose I would like to quickly and easily do it across a multitude of counties sites. 

So Im looking for websites or scrappers that can get info such as owners name and address, type of residence (single, multi, commercial, etc). I've used myREIPRO but wanted to assess others before committing to anything yet. Im sure there will be shortcomings as well as advantages to others but wanted to get everyone's thoughts. 

Thanks in advance