All Forum Posts by: Pandu Chimata

Jay, Are you still doing mentoring? Regardless, I would like to donate for the noble cause. Please let me know how do I contribute?

Hello dear members, I just called their helpline and they have asked me to wait for 3 weeks from the date of application submission. I have applied on 3/31. They are going to call me or I can also seek the updates via email 

disastercustomerservice at sba dot gov. 

I am waiting. 

I own a vacation rental in the Palm Springs area and I just applied for the loan. Projected a loss for 6 months. Lets see how it will turn out. 

Thank you. I am asking the lender to send me the HUD-1 statement. From the settlement statement I see, I can't figure out the gap.

I am in the process of refinancing my home from 30 years to 15 years. 

It's my assumption that the new loan amount will be the same as the previous loan amount. I understand that  I need to pay the interest to the current lender until the escrow is closed. I also need to pay the interest for the new lender for the remaining days in that month. 

For example - my current loan amount is - 346,000 

I am paying the interest for the first 20 days in Feb assuming that loan will be closed on 20th Feb before 1 PM and I will pay the interest for the next 10 days for the new lender in the Month of Feb. All these interests will be based on the loan amount of 346,000.

And the new loan will also start on 346,000 and then I will start paying monthly mortgages from April onwards (in fact it's actually March payment).

However, in my loan documents, my new loan amount is around 348,000. I am not sure why there is a hike of $2000? 

Can someone please explain this gap?

All other expenses such as loan cost, etc.. are covered by credits. I am paying from my pocket for an impound account. 

I spoke to tax consultant and his opinion is to file Schedule C, not schedule E since Airbnb considered as hotel business.

Thank you folks. I just engaged a tax consultant to get advise on this situation.

Thank you for your insight. I will approach my tax guy, eventually to file taxes. 

Good to know that all expenses before the setup is considered as capital. 

It is interesting to know that level of services and length of stay also make a difference. The average length of stay would be 3 days. No specific services other than home is fully furnished and equipped with all kitchen utensils to cook, etc. 

Hello tax gurus, How are you folks doing? 

Background: In this year, I bought a house in CA for an vacation rental in Airbnb and VRBO. Its going good so far. I spent close to 25K in setting up as an vacation rental. Setup expenses includes furniture, appliances, cookware, repair services, and some supplies such as soaps, toilet paper, tissue paper, etc. 

Supplies are recurring expenses, every 2 or 3 months depends when they run out. On top of it, there are monthly standard expenses such as utilities, maintenance issues and/or supplies. 

Question:

How these expenses will be accounted in tax filing? Will all these expenses be shown on Supplemental income and loss form (Schedule E) or some where else? I want to understand how these expenses will impact my overall income in 2019, and in the future if some of the costs are going to carry over? 

Any insight is appreciated. 

I have a home in La Quinta and it;s currenlty on AirBnB and doing well. I am also want to explore  opportunites of renting for winter birds and/or seasons rentals to reduce some day-to-day activities on my side. I manage AirBNB property.

Are there any specific sites and/or companies that are speciliazed in seasonal rentals? I already posted in Zillow rentals and I am looking for more avenues such that so that I can get some traction. 

Any thoughts?