All Forum Posts by: Rocco Swinney

Hi All!

I am getting married next year and I am trying to ensure all is in order. I always writeoff my rental losses each year

Ex. I make 80k and she makes 80k

My understanding is if your agi is under 100k you can fully deduct, over 100k partially deduct, over 150k then you cant deduct anything

These numbers are the same if you are single or married? If so, what do folks do so they can still writeoff?

As ex.80k single i can writeoff all of my rental losses, but once married (ex. 160k) we cant writeoff anything?

Note: I know most folks on here are about cashflow, which they might not have this. My approach has been different, as ive bought in good areas where i mostly break even and the goal is for them to be paidoff (then income streams) by retirement along with them appreciating too. I wanted to mention, as everyone has their approach that works for them, which id assume with this question that might get brought up about what am I doing

Thanks!

my understanding is you can rescind for no charge on a primary and not an investment. But am i allowed to cancel on an investment? if so, id prob get some fees?

i am close to having final approval. i see you are allowed to rescind on a primary residence. however, am i allowed to cancel for a cashout refiance on an investment property?

im close to final approval, but having a change of heart with covid. i see you can cancel on a primary, but can i cancel on an investment? 

Great post Kevin! I have a similar view, which nobody can predict the future, but i dont see how all of these impacts will be a good thing.

I think the wildcard and especially for a rookie is the gov limiting landlords rights (evictions, etc.) right now too 

In my view.. the only positive is very low rates, which is likely pushing prices up too (so likely not so much of a positive unless you can find a great deal)

Hi Chase! I appreciate you responding. I see the RA does create the LLC for an additional fee, which I think i'll do. However, on the PA Certification of Organization form... I see they want the RA Address (this makes sense and can easily be added). But there is also at the very top of the page a section called (Return Document by Mail to: you type in an address). Is this return by mail to address supposed to be your actual business address or it can be any address? As this section seems more of where it should be mailed to (since you are initially setting it up and not official yet) vs. asking what the actual address of your business is like the registered agent address?

Hi All,

I completed my research on forming and LLC an I am ready to start the process. However, i am a little unclear of the order, as the pieces makes sense, but I don't see how you can complete certain docs at once since other parts aren't yet complete

As i was going to use an online service (ex. company abc) for my Registered Agent and another online service (company cde) for my virtual office (As i don't want to use my home address).

However, i am confused as these services want my llc name, address, etc. And I see the llc submission docs (docketing statement and/or CO wants info like ein number, return address, etc.)

Is the best approach to 1st - complete the virtual office service with the llc name (Even though not approved yet with the state), 2nd - obtain the registered agent service with llc name (Even though not approved yet with the state), and then 3. complete the llc form? Its seems what ever order I take.. I will be submitting info as if its approved even though its not

On the LLC form (Certificate of Registration)... do you put the home address as the (Return document to mail by:) even though you are using a virtual office? As my concern is since i am just setting up the virtual office... i want to ensure the docs actually get to me, but didn't know if I should use the virtual office address instead. Also, how are you supposed to list the EIN number on the LLC docketing submission form (At least in pa they have this form) when you don't even have the LLC yet? I thought you first have to form the LLC to get an EIN number?

Is the 1031 being eliminated for everyone? Or just if you make over 400k (which that part isnt fully determined yet)? 

i also saw reference about eliminating your ability to lower your income tax with real estate losses. what does this mean? everything - mortgage interest, repairs, etc.? just depreciation?

was hoping someone might be able to shed light on, as deducting the mortgage interest from rentals is a big piece for me... as likely for most