All Forum Posts by: Jessica Kirkpatrick

Looking for ideas to market furnished longer short-term rentals? Want to target families in town for medical reasons, executives, in transiton homebuyers, etc. Any ideas would be much appreciated. Have a great tuesday!

Thank you for that. yes, i'm well aware i should never give out accounting/ financial advise and always disclaim/ preface - TALK TO A TAX/ FINANCIAL/ LAWYER; but if im going to cont to service my clients well... i should have an idea and i'd like to learn for myself!!! plus, this fact will determine his ultimate price range - $120K makes a big diff in what you can buy. you're an accountant so anything you can provide would be most useful. thanks again for the reminder. 

Hello, 

I need some help understanding the new tax laws. 

My client wants to sell his 5+ unit for $600K and buy a house w studio for his art business with proceeds. Right now he'd have to pay $120K in capital gains (20%). Of course he's looking at ways to avoid this. He doesn't want to do the 1031 exchange - he's cashing out and buying investing in his family. Though he did mention opp. zone. There are opp. zone, but before I start searching in those areas to buy, I'm confused or need clarification on the following:

1. can he sell a multi-family and buy residential/ mix-use in opp. zone to take advantage of opp. zone.

2. if he held onto for 10+ yrs, what capital gains would he have to pay?

Additionally, it's my understanding, there is a lot of uncertainity with this program, so the tax benefit shouldn't be the primary driver. 

Any other comments would be appreciated! 

Thanks!

Thank you. This is what i've been hearing. I'm seeing my CPA in two weeks and doing my homework. I appreciate the comment.

I have a question:

1. What should I have in place before buying <$50K rentals to limit liability and pay the least amount of taxes?

Thanks in advane!

Well done!! Thanks for sharing.

Hello,

I'm a NKY native. Covington is made up of 29 unique neighborhoods and varies block by blcock. It's the 3rd largest city in KY and they call it the brooklyn of cincy. There are some good buy and holds, cash flow, and flip properties. Depends what you want/ investing goals, but I'd say with the right realtor, you'd be able to find it.