All Forum Posts by: Ilya Ratner

I'm on a W2, is looking for my first STR. Haven't found anything yet. Can the money I spent for books, Airdna, pricelabs (for market analysis), masterclasses and property inspection money deducted from my taxes for 2022?

thats a great question, as long as it is business related, i would say yes. Keep all the receipts and maybe even worth to set up an llc or an inc that you can show all of this under your books. This way you are running a business not a hobby!

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Quote from @Eliott Elias:

How much money should I set aside every time I get paid? Self employed

It is a good question. I think it is very independent. But the golden rule is 50/30/20 so they say. Live off of 50% of your income spend 30% on on things you love, invest 20. Another one if you have 2 incomes, is live off of one, and invest the other. Invest early to generate wealth is the key!

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Quote from @Leslie Anne Morris:

Everyone on here asks about cost seg, maybe you can speak to that.

Cost seg is an interesting topic. For example, say you bought a str and the prior landlord tracked the cost for the improvements he made, you can take the cost of his improvements and bifurcate from the cost of the home and accelerate that piece of depreciation. The difficult part is to know what the cost of these improvements were because most of the time they are no shared.There are experts who do the research for a fee. I hope it helps

1 Vote

Hi everyone, I am a real estate accountant in NYC and has been doing it for the past 6 years. I primarily do day to day operations for residential buildings in NYC. Ask me anything

2 Votes

All Forum Posts by: Ilya Ratner

Ilya Ratner has started 2 posts and replied 14 times.

Post: Accounting - Ask me anything

Post: Accounting - Ask me anything

Post: Accounting - Ask me anything

Post: Accounting - Ask me anything