All Forum Posts by: Inna Chernyak

@Nicholas Aiola.  I’m not looking at anything close to standard deduction ... we’re talking here up to 2K per kid earned over a period of close to 3 months 

Thank you 

@Anthony Zotto

If you have 4 doors, are they rented with leases? I believe 75% of rent can be counted as income

@Nicholas AiolaTIA for sharing your wisdom on this thread ...

I have 2 rentals - one under single member LLC filed with Schedule C in FL and one in my personal name filed with Schedule E (NYC). (The EA insists that the LLC must be done via C not E even though both properties are B&H). I would like to open a Roth IRA for two of my minors this year and would like to "pay" them from the investment that's been passive via schedule E and is just under my name. I believe because they are my dependents and are under 18 I wouldn't have to deal with 1099, employment taxes, etc. Is it considered as a sole proprietorship for tax purposes and can I do that with tax returns set up as such? I had a tenant turnover this year and the kids did help with clearing the rental, etc. or I can only do that through the LLC (which I would rather not)?

Hi,

Thanks so much for offering your feedback.

I'm selling a rental and will have to do a 1031. There's a mortgage on the property that needs to be accounted for (of 185K if it matters). If I end up doing a partial 1031, and choose to pay the tax on the mortgage and re-invest only the profits, 1) how much tax $ are we taking about? NYS, 24% personal tax bracket for 2018 and 2) how does it affect my adjusted gross income for that tax year? A profit would be added on, but not sure about this scenario... the property is in my name, not an LLC

Interested. [email protected]

@Thomas S. Thanks!!! That's what I need to hear...

Hi, I don't have enough experience to answer your question but the scenario you're posting is very much in line with something I'm being offered for a 1031 possibility. Wondering which company you're considering for the DSTrust? I only ask because no one around me seems to know of these.

Hi, looking for direction.

Own a rental property for about 15 yrs. Arm Mortgage left around 185K, currently rented at 1800/month, which is just a bit below market rate for the area. Between mortgage payment, HOA, and taxes there is Zero cash flow. The property appreciated about 100K since purchase. Do I cash out now, or keep for another 10/15 years until it's paid off?