All Forum Posts by: Frank S.

Hello, 

Can you recommend a tuckpointer in the south side of Chicago, North/South Lawndare area?  I need a few quotes, please. 

Thanks, 

Frank

Sure, I will try it. 

@Basit Siddiqi, 

They get kick backs and commissions from the fund providers, of course. Unfortunately, that's the standard practice for financial advisers in the US.  The upcoming DOL Fiduciary Rule should address that, unless our Goldman Sachs government cans it. 

My weakest point is to input previous years info into Turbotax as it relates to  4562 (schedules) and carrying over the 8582.  The rest is simple if you know - or think you know- the rules.

I will definitely hire  a CPA when we approach a 1031XCs or a sell, but so far, it's all the same and unless there is a drastic change in the law, it should be a copy/paste/repeat process.

Well, that's my plan, I may still hire someone for this year.

Thanks, 

Frank

@Linda Weygant, that's spot on.  I reminds me of  a quote by my favorite guy, Benjamin Franklin.

Although, this is more than saving $400, it's about learning more. 

@Basit Siddiqi, Absolutely.   I am planning on withholding my personal information.  They will work on the info I provide for Sch E categories, depreciation schedules and 4562. I can handle from THL to 1099s, W2s, etc.  My wife and I can eventually take over the tax preparation and consult with a CPA as needed.  

We used a CPA last year and can read the forms. It all makes sense. I guess we need a helping hand to make the transition to DIY. 

I haven't checked, but are CPAs in the US willing to teach investors how to DIY? Is it worth their time?  I paid $400 last year and they did a fine job.  Unfortunately, this year we got a letter with absurd non-fiduciary high expense ratio investment options from them.  You know, the "suitable investment advice" not fiduciary advice.  I will not work with them for that reason. 

Frank

Hello, 

Have you used Upwork to get your taxes done? Tax preparation is complex, but TurboTax Software really takes the guessing out of it. Especially, after reading Every Landlord's Tax Deduction Guide - Stephen Fishman.  We used a CPA last year, and I had to sort and provide all the info for Schedule E and I still take all liability in case of an audit.  

BTW, what's the cost of an audit?  Is Turbotax audit defense worth it? 

Thanks, 

Frank

Imagine if he had asked you to move out in December because he has a different tenant.  What would you say? The lease protects both. 

Also, this will change the rental turnover to March.  That may be an issue.  

Sublease yourself,as allowed by the lease, or pay the empty months. 

Good luck 

pm sent

A few options:

Firing a $16/hour handyman. Lesson:  At that price, he was "great."

Paying drywall guys by the hour, that hurt. Lesson:  Good drywall costs money, start at $50 per sheet for the best and go from there according to your needs.

Asking if they needed more storage shelves, of course they said yes!  This kindness cost me money.  I bet they will take them after moving, too.  Lesson: Keep your mouth shut.

Allowing their "fat cat" in the lease.  She wasn't "fat" and had about a litter of 4 kittens or so.  I had no provision for per pet fee.  Lesson:  Per pet fee to the lease.

Asking if they were cold. Of course, they were. The windows are from 1905.  I bought a few window treatments and called it the day.   Lesson: wait until they complain.

Tag me to this thread...

+1 to the vinyl plank recommendation.  Get them from Menards with the 11% cash back promotion.  It can be a DIY project, make sure they stay in room temp for a few days, they will expand or contract.  Leave 1/4 free around edges for expansion.