All Forum Posts by: Nupur Daruka
Nupur Daruka has started 6 posts and replied 11 times.
Post: Tenant issues with neighbor
- Posts 11
- Votes 4
Thanks Matt for your inputs makes sense.
Post: Tenant issues with neighbor
- Posts 11
- Votes 4
Thanks Nathan. As per my HOA rules I cannot do a lease less than a year.
Post: Tenant issues with neighbor
- Posts 11
- Votes 4
Hi I own a rental apartment in an HOA complex that is rented out to a person who is part of state funded DDS program. I have no issues with the tenant, the caretaker pays the rent on time. The neighbors in the apartment do not like him and there is lot of drama with him and the neighbors both on the side and upstairs. Now the police is also getting called sometimes by neighbor and sometimes by my tenant. I am a bit worried since the unit is part of HOA. What should I do? I will definitely not renew the lease, the lease renewal is in March. If the tenant was to leave they have two month penalty as part of the early termination, but it is hard to find a tenant after October until March as people move during the spring and summer time. I already had a one month vacancy when this tenant moved in and my earlier tenant just walked away and broke the lease. Any ideas as to how I should approach.
Post: Tax questions on rental property
- Posts 11
- Votes 4
Quote from @Sean O'Keefe:
- The majority of these closing costs will need to be depreciated - there are a couple that you can deduct immediately in the tax year you purchased the property
- Yes, provided the funds from HELCO were used to fund rental
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*This post does not create a CPA-client relationship. The information contained in this post is not to be relied upon. Readers are advised to seek professional advice.
On point 2 yes the entire fund was used to fund the rental.
Post: Tax questions on rental property
- Posts 11
- Votes 4
Quote from @Michael Plaks:
Quote from @Nupur Daruka:
I had two questions on my first rental property that I recently bought
1. Can I deduct the closing cost in my rental property taxes for 2023. I just bought it in Nov 2023
2. To buy this property I had taken out a fixed line of credit against my primary. Can I put the mortgage interest as a deductible for my real estate property in Schedule E under other section.
1. Closing costs fall into 4 different groups, and only one of them is deductible. There is no simple answer, except "no, definitely not ALL closing costs"
2. Yes if the entire LOC was used for this rental property
Thanks for getting back to me.
For closing costs is there a list I can find that defines the 4 different groups. The property was already rented so I bought it with the renter.
On point 2 yes the entire LOC was used for this rental property.
Post: Tax questions on rental property
- Posts 11
- Votes 4
I had two questions on my first rental property that I recently bought
1. Can I deduct the closing cost in my rental property taxes for 2023. I just bought it in Nov 2023
2. To buy this property I had taken out a fixed line of credit against my primary. Can I put the mortgage interest as a deductible for my real estate property in Schedule E under other section.
Post: How to advertise my rental above the market rent
- Posts 11
- Votes 4
In the Stratford CT area, the rent is between 1600-1900 on average. The apartment I have is 646 sq feet and I am asking for a rent of 1950 and as part of the lease the renter also pays the landlord the HOA. Since the apartment is in very good condition with new appliances and remodelled kitchen how can I ask renters to pay for 2150 instead of the comps around the area? The person whom I bought the unit from has other rental properties and is able to get renters for 1950 with the HOA fees in the lease agreement. I am finding it hard to find a renter who is willing to pay ne 2150 instead of 1950. What am I doing wrong or how should I advertize to get the higher price because of better amenities compared to other apartments? The apartment is next to a golf course and 1 min walk to the beach.
Post: section 8 vs department of development services DDS
- Posts 11
- Votes 4
Does anyone know what is the difference between renting to a person using DDS services versus section 8 services.
Since section 8 or DDS services is paid by the government why are landlords hesitant to take on those tenants.
Post: Is it safe to rent to tenant using DDS (Department of Development Services)
- Posts 11
- Votes 4
Does anyone know what is the difference between renting to a person using DDS services versus section 8 services.
Since section 8 or DDS services is paid by the government why are landlords hesitant to take on those tenants.
Post: Early lease termination
- Posts 11
- Votes 4
Quote from @Account Closed:
If you have a tenant who wants to move out, my opinion is to let them move out with 30 days notice. The sooner you part ways with a tenant who doesn't want to be there, the better.
As you purchased this property with this tenant, you can now paint/update the vacated unit and raise the rent, creating some forced appreciation. If you wind up having to dip into your reserves finding a new tenant, so be it. If you screen tenant candidates well, you'll find the right match for your property and avoid a future vacancy for the next year.
Thanks @Account Closed for your inputs. She did tell me dec 31 that she will move out on Jan 31st. Since the apartment is freshly painted with new amenities when I bought it and it is in good condition, is it safe to put it in the market now to find a new tenant and give her a 24 hr notice for showings.