All Forum Posts by: Patty Harris

Thank you Basit and Joe for your responses. Yes, I took all of the above deductions including my travel, lodging, car, gas, 50% food-$7000k in total. As far as capital gains, I will have an approx. 325K gain minus the 250K exemption since I have been in my house for 17 years. I read today that the cost of getting my house ready for sale is also deductible. This contradicts what I have read about the distinction between 'maintenance'  and 'preparations'. That is my main question. I also will have a healthy six figure income this year but next year I plan on retiring, so it makes more sense to have gains due 2020 instead of 2019. Does this make sense?

I don't currently have an accountant; I have been a devoted Turbo Tax user for over 15 yrs. I even (I think, I got a refund) got through the forms for my duplex purchase in New York last year.

I would like to find a CPA/Financial Advisor for some actual advice/strategies as I look toward my next purchase. I plan on moving to Florida in the next year.

Any recommendations?

Thanks so much

Patty

So much input; I really appreciate it.

What I'm hearing so far, correct me if I'm way off track:

Since I currently have few assets I probable don't need to form an LLC at this time;

I have homeowner's insurance and a relationship with my agent, so getting an umbrella policy is not a problem;

LLC is for asset protection and personal liability issues and something to consider when there are more assets to protect and more exposure as far as liability is concerned.

Mainly what I have learned from all your generous responses is this is not something I need to let hold me back at this time. Something else to cross of the list of things to do.

Thank you Brandon; I appreciate the reminder and realize this is an ongoing conversation.

Thank you, Eric; your reply was helpful.

Thanks to all posters. This  information has been very helpful.

I am a newbie to BP and just in time! I have declared 2015 as the year I begin investing in RE. I have wanted to break into the field for over 10 years but felt completely unequipped. I didn't know how or where to start. Thanks to BP, I am becoming more knowledgeable about the subject by spending 1-2 hrs/day just reading the BP blogs and informative articles. I follow the links to more links..................

I would like some feedback about LLCs such as when should I set one up, should I set one up, what state should I file my LLC?

Thanks to everyone!