All Forum Posts by: Jeff Davis
Jeff Davis has started 15 posts and replied 50 times.
Post: Good CPA that understands multifamily real estate investing + tax planning strategy
- Chicago
- Posts 50
- Votes 30
Quote from @David Orr:
I assume he was referring to the "STR loophole".
If the taxable income from a rental property is negative (which can happen thanks to depreciation), usually you can't use that taxable loss to reduce the taxes you pay on your regular W-2 or business income. But there are several exceptions, including the "STR loophole". If you have a rental with an average stay of 7 days or less, and you "materially participate" (basically, if you self-manage it), then you qualify to have your taxable losses from it reduce your regular income.
If your rental isn't producing a tax loss at all, there are ways to accelerate the depreciation (cost segregation combined with bonus depreciation), which can give you more taxable losses sooner to get you a big tax deduction. The trade-off is you use up some of the depreciation that you would normally have for future years, but the trade-off can be worth it depending on your situation.
Thanks @David Orr for the additional information and guidance. This will be helpful as we try to figure out what’s best for our situation.
Post: Good CPA that understands multifamily real estate investing + tax planning strategy
- Chicago
- Posts 50
- Votes 30
Quote from @Basit Siddiqi:
It looks like you have a STR when looking at your previously started posts on biggerpockets.
There are some potential unique tax benefits when self-managing a STR.
You may want to discuss them with your CPA to see if you are eligible.
Post: Good CPA that understands multifamily real estate investing + tax planning strategy
- Chicago
- Posts 50
- Votes 30
Thanks for confirming Sean! Very helpful.
Post: Good CPA that understands multifamily real estate investing + tax planning strategy
- Chicago
- Posts 50
- Votes 30
Quote from @Michael Plaks:
You can find quite a few of us right here on this forum, simply by browsing.
Just keep in mind that August is a bad time to look for a CPA. Read this:
https://www.biggerpockets.com/forums/51/topics/1057644-augus...
Thanks, Michael! This is helpful. Looks like November is a better timeframe to consider moving to a new CPA.
Post: Good CPA that understands multifamily real estate investing + tax planning strategy
- Chicago
- Posts 50
- Votes 30
Hey, Community -
Reaching out to see if anyone has any recommendations on a good CPA that truly understand MF real estate investing. We just bought our first MF investment and the CPA that has done the taxes for both my personal and business taxes for years doesn't seem like he 100% knowledgeable on real estate investing when it comes to tax planning. I thought it would be a good idea to talk to a few other professionals before we get close to tax season to see if there might be others that understand our situation and could help us plan appropriately.
Thanks for any and all suggestions!
Post: Airbnb cleaning services recommendations - Andersonville/Edgewater
- Chicago
- Posts 50
- Votes 30
Quote from @Brooklyn McCarty:
Quote from @Michael Baum:
Hey @Jeff Davis, you probably aren't going to find cleaner recommendations here.
Your best bet is to try Turno or local Facebook Marketplace and Craigslist for folks doing cleanings.
What Michael said!
Post: Airbnb cleaning services recommendations - Andersonville/Edgewater
- Chicago
- Posts 50
- Votes 30
Quote from @Michael Baum:
Hey @Jeff Davis, you probably aren't going to find cleaner recommendations here.
Your best bet is to try Turno or local Facebook Marketplace and Craigslist for folks doing cleanings.
Thanks for the guidance and recommendations, @Michael Baum. Much appreciated!
Post: Airbnb cleaning services recommendations - Andersonville/Edgewater
- Chicago
- Posts 50
- Votes 30
Hey everyone!
We are working on launching our first Airbnb and need some help finding a reasonably priced and reliable cleaning service. Our property is located in the Andersonville/Edgewater area on the north side.
Would appreciate any recommendations that have worked out well in the past that we could potentially use as we open the doors to our new venture. Appreciate any help/guidance. Thanks!!!
Post: Help w/ converting old hater water radiator system thermostat to smart thermostat
- Chicago
- Posts 50
- Votes 30
Hey all -
Wondering if anyone has experience switching out an old Honeywell thermostat that is used for a hot water heater system to a smart thermostat (we bought the Amazon smart thermostat). - see attached photos
It's for our new airbnb listing. We are in the process of rehabbing an old 2-story multifamily building and the thermostat for the entire building is on the 1st floor which is where the Aribnb will be. We would like to be able to control this remotely thus we need to switch the thermostat.
Have been unsuccessfully in finding someone that has experience doing this at a reasonable price as this is our first rehab.
Any help would be greatly appreciated!
Post: Type M vs Type L Copper Pipe in Residential
- Chicago
- Posts 50
- Votes 30
Quote from @Benjamin Cohen:
I'm currently in the process of a flip in Chicago, IL and I've had an inspector tell me my plumbing was incorrect and needed to be revisited. After bringing a more reputable plumber in he mentioned that all my rigid copper piping had red lettering (type M - lighter duty) and Chicago required blue lettering (type L - medium grade) throughout. This is likely to carry some significant costs (ripping all the copper out, buying new + labor. Has anyone heard this before? I haven't seen this in other states, so I assume it's a Chicago thing.
@Benjamin Cohen - I know this post was from a while back, but was reaching out to see if you ever got a resolution on this issue. We are going through the exact same thing and are getting mixed responses from the GCs and contractors that we are talking with. Any help to get a definitive answer would be greatly appreciated. Thanks and Happy New Year!