All Forum Posts by: Jill Curran

I use Tim at Casa Buena Inspections and like him a lot. http://casabuenainspections.co...

Great piece, thank you! I swear I've seen your Shark Tank episode.

I live north of there close to N. University. My sense of that area is it's street to street, with some being well kept up and a good value. Others, especially the more east you go, not so much. Yes, a good number of students, but also families and singles. UALR has seen declining enrollment, as many colleges have. 

Well done, Brady! So glad you got a great tenant.

Related question: do I need to have a sole proprietorship to get the QBI deduction? I don't have my properties in an LLC because my husband has an umbrella policy through his job. Thank you all!

Jill

Sage advice! Thank you Eamonn.

I'm still confused. It is possible I will have a loss that I think I can count against my husband's W2 wages, yes? I thought I was trying to reach 250 hours, not 750. My rentals are for profit, so I'm surely conducting a trade/business. Should I stop tracking my time? Does my accountant sound like she's got it right?

Newb question here. I read the BP posts and have been keeping track of the time I spend managing my two duplexes, both bought this year, because I read there was a tax reason to do so. When I recently met with an accountant (first time, have always done my own taxes) I mentioned this. She said I didn't need to that. She emailed me this: "If you have a profit on rentals, you will receive the qualified business income deduction, but if you want to, you can track your time just in case the IRS comes out with something new that is retroactive, you would have it." I thought to get safe harbor I have to track to my time. (I confess I don't understand if safe harbor is different from her "qualified business income deduction.") So do I need to be tracking my time to get my max deductions, assuming I have profit?

My secondary question is does this accountant know what she's talking about because I surely do not. 

Thank you all for your help! Love this forum!

Jill

It's a cash deal, so no mortgage lender. I forgot to mention that. Thank you all!

Jill

I'm about to buy a duplex off the MLS, and the owner has forwarded me the survey from when he bought it. Do I really need to get the property re-surveyed? Why? There are no buildings close to boundaries, nothing has been built around it in 40 years, and the lot is in the city and surrounded by other duplexes. What would a new survey or a confirmation of the old one get me really? When I go to sell it in 10 years, the buyer will then just get their own survey if they want, yes?

Thank you for your feedback!

Jill