All Forum Posts by: David Osborn

@Preston Herd

Check out Padsplit..this is their model..based in Atlanta but expanding to other cities over time.

Thanks Christopher Smith and @Natalie Kolodij  helpful to know!

Thanks JD..follow up question.. I've read that for a rental activity to qualify for Section 179 expensing, you have to be engaged in it AS A BUSINESS, not merely as an investor.  Is that your understanding as well?  Is that qualification the same as or different that qualification for being an Active vs a Passive real estate investor or Professional vs non-professional investor?  Or some other definition?

 I bought and furnished a new rental property in 2019. I did use bonus depreciation for the cost of furniture, but I lumped the property improvements (mainly new hvac, water heater, windows) in with the building and depreciated all of it under the standard 27.5 years period, since I didn't "need" additional depreciation benefits for 2019. I am projecting that I may for 2020 however. Is it possible to start depreciating those improvements under section 179 for 2020? Do I have to amend my already filed 2019 return in order to do so? Thanks in advance!

If you buy and renovate a property in December 2019 but don't start leasing it until the following January, can you take any write offs on your 2019 taxes or do you have to add those December expenses to your basis and start depreciating the whole amount for 2020?

What did you end up deciding Eric.. same boat here.. last year I put it on Sch C and paid Unemployment tax but not sure that was the right answer.. 

Advertised for a house sitter to watch the property and do odd jobs for a few weeks.  Stupid me I didn't run a background check cause he had a great story about needed a temp place before his wife finds a job out of state.  Everything was fine for several weeks then when the repairs are done and the house is fixed he says he's not moving out.  Turns out he's a serial scammer and convicted felon.  Knows the legal system and all the tricks to drag out an eviction.  Looking for a good real estate attorney in Atlanta for advice!

I am interested as well..have experience financing and doing short term rentals (Airbnb) in Atlanta