All Forum Posts by: Tricia O'Brien

Can anyone recommend a good tax preparer / enrolled agent in Anchorage?  I want some assistance in figuring out depreciation and how various purchases (new roof, new furnace, etc) will affect my tax liability on my single family rental house.  Would be willing to pay by the hour for a consultation. Any replies would be appreciated!

Hello Jon Holdman,  Is it 15% on the $45K in this example because 15% is the capital gains tax rate?

I am trying to understand how much depreciation I will have to pay back to the IRS if I sell my single family rental home that has been a rental for 5 years. Is it the full cash amount I depreciated or the amount of depreciation multiplied by my effective federal tax rate? Hoping someone can help!  For example, I'll use these approximate  numbers to explain:

Cost basis of building: $135K

Depreciation;   $6K per year

Period of Use as a rental:  5 years

Total Depreciation: $30K

If I sell it now at a profit and my effective federal tax rate in the year of sale is 20%, what do I owe the IRS for depreciation?  $30K OR  $30K  x 0.20 = $6K  ?

Any replies would be appreciated!

Can anyone recommend a good independent insurance broker in California for a landlord policy or dwelling policy on a single family rental?  I want to get a new insurance policy (or at least liability coverage), but due to some weird things with the house most of the big companies (Farmers Insurance, AAA) won't cover it.  The house is in Modesto CA.  Any replies would be appreciated!

Hello Terry Lao,  How much was the deductible for the home warranty on each of your fourplexes? Tricia 

I am considering buying an older triplex in Indiana, and I want to know if I can purchase a home warranty policy on this.  I am interested in coverage in case the roof or HVAC system goes out in the first 1-2 years of ownership since it is near the top of my price range.  It is 2 stories and approximately 2500 square feet.  Would be non-owner occupied. Any replies would be appreciated !

Hello Joe Marshall, I've been making offers on SFR in Muncie for a couple of months now, but haven't bought anything yet. You might want to connect with Jameson Drew here on BP...he lives in San Diego CA but owns several rentals in Muncie (SF and multifamily). I live outside of Indiana, but have been told Muncie is more of a buy and hold market than a market for flipping. Have you gotten familiar with the neighborhoods in Muncie? Cheers !

Hello Alice K!   When you ask for a rent roll / expenses list (tax return)on a property you are considering, do you ask for the most recent 2 year? Or do you prefer to go back 3-4 years? Also when they send you a chart that shows expenses like Jan $400; Feb $125; March $57.25 is it acceptable to ask them to reply in writing with what they spent each for (like $400 toilet replacement, $57.25 repair front door, etc?)

I'm looking for a good title company to do the closing on a deal I'm working on. Who's reputable in Indy?

Hello Joe Villeneuve, Who do you recommend for property management in Ann 

Arbor? Sounds like they're doing a great job for you!