All Forum Posts by: Fulton Abraham Sanchez

@Michael Strauss how are you? Better if you keep it for a year to sell it, otherwise you will pay regular income tax instead of capital gains tax. 

For 2016 tax year, you have an asset. It property is rented you report the rent income and the expenses. Large improvements such as A/C units, roof, etc are capitalized and depreciated. Next year that you sell it the pice purchased plus improvements will be your base minus sales price to determine capital gain.

Hit me if you have more question.

@Roxana Ruiz 

@Cory Gardner

Will be glad to help

@Jiri Vetyska, how are you? Don't convert it. Sell it and buy another property. You have up to $500K tax free capital gain whe you sell primary residence.

For bse, it is the cost plus any large additions such us new AC unit or new roof, etc. For deductions, anything else.

@Nikolas Ferreira check my blog with tax tips for real estate investments and PM if any question.

https://www.biggerpockets.com/blogs/9084/52811-ten-real-estate-tax-strategies

@Brad Spies, Trump's tax plan is proposing 100% deduction of capital assets, not the period of depreciation. If it passes you will write off the entire cost of capital purchases. I imagine that for those properties in place they will elect to depreciate the difference.

@Seth Nowak, how are you? I just publish a blog with ten real estate tax tips

https://www.biggerpockets.com/blogs/9084/52811-ten-real-estate-tax-strategies

@Hai Van Nguyen how are you? You don't need to request any change to the IRS. If you apply for EIN on 3/3/16, then the deadline to file your company return is March 15. Now, if you mentioned on SS4 that your business started on 2015, then the IRS is requesting filing for 2015 on 6/15/2016.

@Jeff Ronningen how are you? We work with out state RE investors and will be glad to help you plan for growth.

@John Bae how are you? If your name is in the mortgage and on the title of the TH then yes, you can deduct it.

thanks @Michael S.