All Forum Posts by: Michael Garland

@Evan Polaski thanks for your response! No hoa and the township is very flexible but still need to get the approval of course. Majority of expenses would be materials after larger hurdle for time.

@Brenden Mitchum

Yes, thank you for the questions. This does help give me clarity as we explore our options. I guess another point would be the off set in additional equity regardless. Reminded of the KISS principle vs the return of an increase income.

Thanks for the wisdom!

I have 2 SFH for the whole year along with my full time w2 and looking to add another property asap.

What is the best option for claiming rental income on taxes?

Thankful for your wisdom!

Currently living in a 6 yr old new construction home. We did not finished the basement during construction. Basement is poured concrete with 9’ ceiling, egress window and has plumbing roughed in during construction for a bathroom.

Looking for advice on renting the whole house as is or finish off the basement as a studio type apartment with private entrance, approx. 710 sq’ ?

Thanks for your time!

Has anyone been audited on their 750 hrs as rei professional? I was over half last year but didn’t keep records!

Thanks

@Michael Plaks Thank you for the example, that makes sense. Bank statement is the proof and phone record provides history for records.

Is it still a good practice to keep 7 yrs worth for records?

@Ashish Acharya thank you for the response!

Yo Bp,

I’m on a family shared phone plan that is not in my name. Can I write off part of my phone bill?

Using it about 30% for all transactions & communications.