All Forum Posts by: Taylor Brugna

Eddie T. I'd disagree that a queens is a better quality of life if you work in Manhattan (with the exception of a few places). Just my two cents though. The commute negates the benefits if you work long hours. You need be very strategic if going this route! Nick B. I'm going through something similar. I like the idea of taking the money it requires to own in NYC and invest elsewhere. If you leverage that 300k, the numbers could definitely work out in your favor. Sometimes renting isn't the worst idea-Good luck!

Steven Johnson I think you'll find BP to be an extremely valuable resource. Good luck!

Jeff Copeland is the best in the area.

Michael Dunn How long have you been self employed? Id strongly recommend sitting down with a CPA to discuss estimated tax payments. Basically, you may be subject to a penalty if you don't make estimated payments of 100% of the prior year's tax or 90% of current year's tax owed (the 100% changes to 110% if you are higher income). Hope this helps

Nicholas Zeiler Not claiming deductions you are allowed to take is the equivalent of throwing money away. There is a big difference between a loss on your schedule e vs how the property is performing from a lender's point of view(due to depreciation). Lenders I've worked with don't look at the expense items in detail because of this-they are more concerned with the rent amount/lease in place. Hope this helps!

Jared Boundy A negative section 481(a) adjustment is taken in one year.

Everitt Gill I can't think of a good reason to put a primary residence in an LLC. Buy in your own name and get some umbrella insurance if you're worried about asset protection. No need to over complicate things!

Heather Moreland check out IRS publication 551 as a guide if you need some bedtime reading. Most costs associated with getting a loan are amortized over the life of the loan (appraisal fees, credit report, etc). Closing costs like legal fees, settlement charges,title, home inspections are added to basis. Good luck!

Heather Moreland You have it right. Figure out what depreciation would be on the whole building and take 2/3 of it. Hope this helps

Michael Wilson Has the home you plan on renting appreciated in value? You would have 3 years after leaving to sell the rental to avoid capital gains tax. This may or may not be a major factor in your decision. Other than that, your tax return will be a bit more complicated. You will report rental income on your schedule e. Let me know if have any other questions-happy to answer.