A legend was born on 0:00

@thesilverbird45

3 жыл бұрын

Ur not wrong

@clearvaluetax9382

3 жыл бұрын

LOL ANDY, I don't know why I came to check up on this video. Probably the same reason you came here hahahaha. You are awesome ANDY!

I just want you to know, I found you when you were giving tax advice. Today, you are a source for current events. I applaud and celebrate your success. Keep doing your great work. Thank you.

@clearvaluetax9382

Жыл бұрын

Thank you JM B, I appreciate those kind words and all your support so much!

You will always be apart of my pandemic experience man .. & im sure to many others as well. Just waiting for you to upload your daily videos, dodging the news on tv and relying on yours instead, keeping us well informed now matter how much bags you had under your eyes - you helped many many confused people pull through tough times man. . We all owe you one Brian. 🙌🏼✊🏼 Peace!

@fishingpinky3165

3 жыл бұрын

I could not have said it better!

@clearvaluetax9382

3 жыл бұрын

Thank you Andres for that generous and beautiful message. It really means a lot to me. I'm so happy I was of help. Thank you Andres for this meaningful message, I sincerely appreciate it very much my friend.

Fun to go back, watch your older videos & see how you've learned/grown. You're really doing great stuff!

@clearvaluetax9382

3 жыл бұрын

I'm doing that right now Mike, and it's a sure blast! Thank you for all your support, I appreciate it so much Mike!

Awe this is your first video. Love you Brian and keep up the great work. This channel has grown in such a wholesome way.

@clearvaluetax9382

3 жыл бұрын

Thank you so much Momo! It sure has and I'm so grateful! I appreciate all your support very much, thank you Momo!

First time landlord and happy to know I didn’t miss any of these . Thanks for the checklist !

Wow, it’s amazing to see where you started and how far you’ve come! This first video shows your genuine passion and creativity, which is probably why you’ve gained so many subscribers. Keep up the fantastic work!

Great info! I didn’t know I can deduct refinancing cost! Just bought a second home and was looking for his information! Thank you!!! New subscriber!

@clearvaluetax9382

4 жыл бұрын

Congrats on the purchase of the second home!

Thanks for the info....lucky me I've been preparing taxes for over 30 years now. I try to help out to others all I can with advising them of these same possibly missed allowable deductions

Thank you for the clean instructions 👌 looking forward to learn more 🙏

@clearvaluetax9382

4 жыл бұрын

Glad you found it helpful Paramvinder, I appreciate it!

Great video! A video about most common missed tax deductions for commercial rental properties would be amazing!

Thank you 🙏 for everything men you help me out a lot

Thank you so much , this is really helpful. It's indeed very important information which you have shared and you mentioned it so clearly , easily and to the point.. Really appreciate you guidance.

Great reminder on the special assessments. In the past, I've just deducted regular assessments and have missed out on thousands in S.A deductions. May do amended returns for those years.

I was always watching your stimulus updates and how you slam the papers. I had to search for this video because my property manager dropped me as we did not agree on repair issues. Now i have to self-manage my rental property. Although i have learned to do my own taxes, my fear is when i sell my rental and have now to learn capital gains taxes. Good job always 👍.

Sweet! Now I have a to-do list for next year 💜💜💜💜💜

I have been slowly going through all of your videos, trying get all the gold nuggets of knowledge that I can. I am not disappointed. I wish I had this channel when I was younger. As of today, I have watched all of your videos so far, so thanks again Brian!

@clearvaluetax9382

Жыл бұрын

You are AWESOME K Defense Martial Arts, I appreciate the support SO MUCH my friend!

Great video! I stumbled upon your videos as a new landlord with many questions. Your videos are easy to follow and very informative. The rental property is a condo that was originally a primary residence for two years and was rented in Oct of 2019. You state you can deduct closing costs, etc. Am I able to deduct those costs even though it was a primary residence prior to becoming a rental? Also, what costs can I deduct or what should I be looking for specifically on the closing docs? Thank you!

incredible to see the first video of the number one!!!!!!!!

@clearvaluetax9382

Ай бұрын

Hi Simone! Thanks for all the support!

Thanks for your videos... awesome!!! I have a primary house and have rented out since we moved to live in a different city. I missed depreciation deductions for the past years, can I retro- deduct now? Thank you!

You are amazing!! You deserve so much success!!

@clearvaluetax9382

3 жыл бұрын

Thank you Dc flow, I appreciate that so much!

@dcflow7859

3 жыл бұрын

@@clearvaluetax9382 of course! You help a lot of people

Great videos, thank you. How do I calculate the depreciation taxes on my rental that is in escrow?

Thank you so much Great info!

@Subscribershelpline198

Жыл бұрын

±𝟏𝟕𝟐𝟎𝟓𝟎𝟎𝟓𝟓𝟔𝟕⊥👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾✴️✴️…

Can you please do a tax video for salon owners that rent a suite to us, the independent business owner LLC? I really appreciate you! Your videos have been enlightening to say the least! Also a misclassification tax informative for the industry(ies) without a classification with the IRS. Salon industry is notorious for this... I want to file an SS8 form but the IRS said their business customer service is closed....

Great video, I just completed my 1065 and received k1, once I input my k1 into my 1040. How much additional information do I input regarding rental info, LLC’s, deductions on my 1040?

So glad I found this guy helping the everyday person get ahead in life

@Subscribershelpline198

Жыл бұрын

±𝟏𝟕𝟐𝟎𝟓𝟎𝟎𝟓𝟓𝟔𝟕⊥👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾✴️✴️…

Dedicated to watching all videos. Starting with the oldest!

u helped us thru the pandemic a true legend of the people

@clearvaluetax9382

Жыл бұрын

Thank you Frank, I appreciate that SO MUCH. Thank you for all the support!

What about the cost for repairs? I was told these don’t need to be done only when I sell the property?

I bought a piece of land last year do I have to claim it in my taxes this year? And if I do where please. Thank you so much.

If you have a property that you bought in 2008, then refinanced in 2012 & 2016 and converted to a rental in 2019, can you only amortize the most recent refinance charges or all of them? Also, are original finance charges from a purchase added to basis or amortized?

Could you help me use the irs tax estimator? I am commission based. And checks vary plus bonus checks.. how do use it correctly.

Ayyyeee your first vid 😏✌️👋

@clearvaluetax9382

3 жыл бұрын

Hahahahah Francisco. Thank you so much for that comment! Just wanted to say hi and thank you for all your support Francisco. I appreciate it so much my friend!

I have a rental that I purchased this year. Due to COVID repairs have been delayed and have not been able to rent it out. Is this a problem when claiming duductions on my taxes?

Very informative. You mentioned the commission on using a 3rd party to rent the place could be deducted -does that apply to the commission online rental companies charge such as air bee n bee? Thanks.

@clearvaluetax9382

5 жыл бұрын

Hi San Francisco, absolutely, those airBnB fees & commissions are definitely deductible rental expenses.

How it all started💚 Today: 15th July 2021 I came back to see the man before he was The Man. 💯

@clearvaluetax9382

Жыл бұрын

I appreciate that Hearthstone Battlegrounds, you are awesome! And thank you for all the support!

For my rental property. I separately paid $300 for a lender's required appraisal fee before closing, paid inspection $200 separately before closing and the lender prepaid $500 for first year hazard insurance. Do I need to add all these costs to the basis or capitalize them over the life of the loan?

@ClearValue Tax if my landlord bought me out of my apartment do I how to file taxes on it? If so would be considered earned income tax. I asked the complex but, they kept giving me the run around. Thanks.

You’ve come a lot way my friend

@clearvaluetax9382

3 жыл бұрын

Holy cow, you are absolutely right Metal Bum. Thank you so much my friend!

I depreciated improvements on my rental prop. Now I've sold the property and need to establish on each depreciated improvement the sales price and expenses of each. I use TaxAct program. Example: Gutters cost was $1500, depreciation taken up til closing was $1037, leaving $463 left to depreciate. What is the sales price of this item? And would there be expenses to claim on this item? Also, on Form 4797, Part III, line 22 (depreciation), is this amount "depreciation recapture" to which I'd pay 25% tax? ALSO, PLEASE EXPLAIN WHERE "DEPRECIATION RECAPTURE" APPEARS ON WHICH FED. FORM.

I rent a room where I live and also work. My desk and photo equipment are all in the room. I use the entire room to shoot photos and do computer stuff on my desk. How do I claim this on taxes? Do I claim rent paid or the actual room? HELP!

How is a rental property's depreciation determined, if no depreciation was ever deducted for many years in the past?

Very informative, thank you

@clearvaluetax9382

5 жыл бұрын

Thank you Sean!

Hi ClearValue Tax, see if you can solve this, we are married want to file separately we had 3 rental property income under our name (paid out right) and my wife want to file her taxes 3 rental property income receive for the whole years with all the expenses for rental that it, but state of Nevada required to provide my additional information regarding my income so what the catch? Am I end up pay more tax? Or she end up pay more taxes. My filling is very simple W2 that it nothing else to claim.

Would Renting out one of the 2 rooms count? And i live in the other room.

Your content is great. If you could increase the volume that would be helpful

@slothyyteen-lg7me

2 жыл бұрын

Hearing aids working properly?

Where are u located? I own a few rentals and been looking for a CPA.

I was wondering does anyone know how many years and receipts can a person use on a property that was built 30 years prior. I kept all receipts and now turned it into a vacation rental. My question is how much of those past receipts can i use. I probably have over 5000 receipts. Also the mileage is 30 mile round trip on each of the receipts. How much of that mileage can i use or should use. Anyone have some sort of answer. Thanks I would appreciate it if some would respond with a reasonable answer

thanks again

@clearvaluetax9382

4 жыл бұрын

Thanks for your support Chi!

What if your place is owner occupied and you have a tenant in it. Are you able to deduct 50% of utilities and new appliances such as a washer dryer?

Hey there...i cannot find any info on our specific situation. We built our own primary home from scratch last year 2022 and had to pay for lots of building materials. Can we itemize the sales taxes we paid for all those building materials? We have saved the receipts for them. We are in TX so no state income tax. And if we can, do we add that up WITH/PLUS the amount shown in the optional sales tax table based on the number of members in the family (since I think this one on the table is an estimate for sales taxes paid for every day cost-of-living expenses)?

@Subscribershelpline198

Жыл бұрын

±𝟏𝟕𝟐𝟎𝟓𝟎𝟎𝟓𝟓𝟔𝟕⊥👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾✴️✴️…

Can you make a video on tax deductions on small businesses in California. Or where is a good place to find that information. Thanks

I work on the water basically underwater excavation dredging to be exact. is there any way I could Payless taxes. because they didn't raise the taxes but they cut the deductions I drive quite a bit and cannot claim mileage or work clothes or basically anything anymore. I need help.

Do you still have to file an extension even if you’re not going to owe?

Thank you 🙏

@Subscribershelpline198

Жыл бұрын

±𝟏𝟕𝟐𝟎𝟓𝟎𝟎𝟓𝟓𝟔𝟕⊥👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾✴️✴️…

Do we also need to fill out a T936 form

Great advice. I'm buying a house that needs a lot of rehab work. Around 60-70k. If the property will be a short term rental, can I deduct the rehab costs?

@clearvaluetax9382

5 жыл бұрын

If it will be rehab work for a rental property, then you will be able to deduct it. However, you have to be mindful that you will be depreciating certain expenses over a course of multiple years rather than expensing all of the cost or certain costs in the year that you incur it.

what about the safe harbor deduction

I own a property but the mortgage is not under my name. I wanted to do a quick claim deed, but I know that will not help the mortgage situation. My question is, can I claim my property even if my name is not on the mortgage?

Hi thank you for all your videos. I was wondering if its owner occupied and rents room, will owner be able to deduct and qualify for depreciation? And how would owner go about figuring out the depreciation? Thanks in advance!

@Subscribershelpline198

Жыл бұрын

±𝟏𝟕𝟐𝟎𝟓𝟎𝟎𝟓𝟓𝟔𝟕⊥👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾✴️✴️…

Can I ask what’s a reasonable (average figure if available) amount of total deductible claimed for a single rental unit (house)?

If I took out a HELOC to pay off the mortgage on my rental property, can I deduct the interest on the HELOC?

@clearvaluetax9382

4 жыл бұрын

Hi BadA55, yes, that would be deductible. Please refer to the tracing rules for deductibility of interest. I hope that helps!

thanks for the video...i have a rental property and also have active income coming in from my job,my question is im i able to deduct rental loses from my active income from my job?

@clearvaluetax9382

4 жыл бұрын

Hi 93263, if your income is below $150,000, then yes, you can use those rental losses as a deduction against your active income from your job. I hope that helps, thanks for watching and for your support!

@Ram-gn5fr

4 жыл бұрын

@@clearvaluetax9382 Thank you for answering my question appreciate for taking your time to reply to it.

Definitely think of the costs of Utilities between tenants. Have to keep the heat on. LOL

@clearvaluetax9382

4 жыл бұрын

Yup, don't forget the heat!!!

I'm living on rent Appartment I paid $900 rent So I can file that on my taxes return?

Claiming rental loss is based on AGi? Or Modified Adjusted gross income?

@clearvaluetax9382

Жыл бұрын

It's modified AGI.

I moved to another state because of job and rented my house in 2018. I am planning to go back and live in my house in 1-2 years. Should I still take depreciation for 2018? is it going to affect anything since I am planning to move back to my house in couple of years?

@clearvaluetax9382

5 жыл бұрын

Depreciating the house is only an issue when you sell the property. However, if you start rental activities and start taking rental deductions, you must take the depreciation expense.

This is where it all began

Can you give me few examples of Refinance cost Please,or more details

@clearvaluetax9382

4 жыл бұрын

Please look at the closing statement of your refinancing. The costs will all be listed there.

How much money do you typically recommend setting aside out of the MGI from your rental for taxes with some of these tax deductions in mind minus the refinance and the property management company as I will be managing it myself? I will continue to pay the HOA and I will be paying an 80 dollar monthly fee for yard maintenance for a landscaper to maintain the front and back yards and cut the palm tree every 3 months will be another 75 dollar fee quarterly out of my pocket, plus any routine maintenance and collecting rent monthly managing the property myself and mileage to and from the house, also using my personal cell phone for business with the tenants. Just curious on average what you recommend setting aside percentage wise into my business savings per month out of the proceeds to cover taxes at the end of the year? I am 100% commission with my primary job as well if that matters at all.

@clearvaluetax9382

4 жыл бұрын

More often than not, the rental property does not add taxable income to your taxes. This is if you have a mortgage (mortgage interest expense). The reason why you usually don't have taxable income from a rental property is because you receive depreciation deductions which are tax deductions but not real cash outflows.

@threadoflife

4 жыл бұрын

ClearValue Tax good to know thanks for the reply

Thank you for sharing your advice. Can I claim legal fees that I paid to my lawyer when buying a rental property for renting purpose ?

@clearvaluetax9382

Жыл бұрын

Yes, those are deductible on your Schedule E Catherine.

@catherinechen8144

Жыл бұрын

we don't have Schedule E in Canada, only Schedule 1-12. Are you in USA ?

I originally purchased for 350k as a primary residence, but i will be refinancing and appraised at 420k. Does depreciation begin at original 350k or the new value at time of refi at 420k?

@clearvaluetax9382

5 жыл бұрын

The depreciable value used for depreciation expense will be the purchase price of $350K. However, don't forget the refinancing costs that are deductible!

If you buy a rental property cash, can you estimate the amount interest for that money and write it off?

@Subscribershelpline198

Жыл бұрын

±𝟏𝟕𝟐𝟎𝟓𝟎𝟎𝟓𝟓𝟔𝟕⊥👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾✴️✴️…

This is great. One question: if total deductions on rental property exceeds income from rental property, does and can the remaining deduction be applied to other income, such as W-2 salary?

@clearvaluetax9382

5 жыл бұрын

It depends on your income, your filing status, and whether you're a real-estate professional or not. Rental activities is passive income. If you have other passive gains, then the rental losses can offset those passive gains. if you don't have other passive gains, then you can use the rental losses to deduct against other income, such as ordinary income from a W-2 or capital gains. However, once your income starts exceeding $150,000, the losses become non-deductible. You don't lose it, they just accumulate and carry-forward. However, there's not loss restrictions based on income if you're a real-estate professional. I hope that helps!

@1126rs57

5 жыл бұрын

@@clearvaluetax9382 thank you so much. I am married, not real estate professional. What does it take to become one? can folks maintain their W-2 (engineer for tech company) and still be real estate professional? married dual income will exceed that threshold, so I think I should be interested.

@clearvaluetax9382

5 жыл бұрын

@@1126rs57 correct, it would be combined income for the income limitations. The disallowance starts when income reaches $100,000 and is completely disallowed once it hits $150,000. Therefore, the losses accumulate and carry-forward. So the only way to deduct the losses would be to classify yourself as a "real estate professional". It's a case-by-case scenario. However, there has been a lot of guidance provided for these cases. Please refer to this guidance provided by the IRS: www.irs.gov/pub/irs-utl/33-Real%20Estate%20Professionals.pdf

@missycheng1371

3 жыл бұрын

what are the example of passive gains?pls be specific! thanks in adv.

In February I filed my 2019 taxes I owed the I R S which I had paid same held true with my 2018 taxes I have direct deposit and my bank is a credit union so my question is will the stimulus check be direct deposit or a paper check

@salute42

4 жыл бұрын

The truth is. No one knows

@clearvaluetax9382

3 жыл бұрын

It's going to be direct deposit billbroad2004. Was I correct?

Can I deduct any fees relating to the closing cost of buying a rental?

@clearvaluetax9382

4 жыл бұрын

Yes, absolutely. However, they will be deducted over a course of a few years. It's called "amortization expense" which is like depreciation expense but it's called amortization rather than depreciation because it's an intangible item rather than a physical item.

Can you still deduct utilities for when it’s vacant?

@clearvaluetax9382

5 жыл бұрын

Yes, absolutely.

Can you deduct closing costs and appraisal costs on rental properties?

@clearvaluetax9382

4 жыл бұрын

Yes, closing costs can be deducted on rental properties. However, over what time span on what the closing costs are. Some are expensed and taken in full in the first year, some are amortized (depreciated) over the property's life, and some are amortized over the life of the loan.

I just scrolled to watch his first video

@clearvaluetax9382

Жыл бұрын

Thank you for that Mike, I appreciate the support so much!

Do you prepare taxes? If so how to i get in touch with you guys?

@clearvaluetax9382

4 жыл бұрын

Yes, we absolutely do. You can reach out to nick@cvtaxpreparation.com Thank you Sae!

Very helpful 3yrs later

@clearvaluetax9382

2 жыл бұрын

I’m happy to hear that Fabiola!😁

Do I need to have my rental properties in an llc to use the deductions as a business?

@Subscribershelpline198

Жыл бұрын

±𝟏𝟕𝟐𝟎𝟓𝟎𝟎𝟓𝟓𝟔𝟕⊥👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾✴️✴️…

Is he referring to the US or Canada??

Do you have a personal email? I sold some property in 2018, and it was paid off in full. The sale was in the last days of the year. I used to do taxes myself (had been in corporate payroll field and had a bookkeeping business years ago), so I understand the wording, etc. I don't understand how these online systems do not have the forms available to add expenses, do write-offs, do amortization, and report itemized deductions and injured spouse forms. I also had paid all the back taxes once, and again the new ones at the sale of the property

At time stamp 4:47 you mention "pairs". What is that?

@vickipackham7357

4 жыл бұрын

Sorry, I just read the comments and found that you meant to say "repairs." Thanks for the video. The only thing that worries me in filing my own taxes is the depreciation. I'll have to do further research.

@clearvaluetax9382

4 жыл бұрын

Sorry about that Vicki. My audio hardware was awful a year ago =( but yes, it's "repairs".

The repairs one does to ta rental unit, are they also deductible? I don't have any rentals but I am looking out for my brother in law and learning at the same time for when I can do it. Thank yo for all your hard work. You have one more customer. I have sent all my paper work to your office, Nick Musso is taking care of that.

@clearvaluetax9382

4 жыл бұрын

Yes, that's awesome and thank you for your support! Nick was on our video together, the como llenar la form w-4 =) And yes, repairs done to a rental are deductible.

where are you located like your video

@clearvaluetax9382

4 жыл бұрын

Thank you Alan, we're located out of Chicago. You can check out our website www.cvtaxpreparation.com

When one sell the house, One will need to pay back rental or depreciation taken prior. The idea is when we get old. Not able to work. Before go to retirement home sell the house when there is less income. Less income pay less tax. It all average out over the year. In this case. Is better to take as much depreciation tax and tax deduction available today or later on ? Which way has more benefit?

@clearvaluetax9382

5 жыл бұрын

Depreciation expense/deduction is not an opt-in or opt-out situation. When you sell the property and it was a rental, you have to report it as if you did take the depreciation expense. So therefore, you should claim it.

@harukoyama9515

5 жыл бұрын

Say if the property has been my primary resident for the past 30 years. But property is rent out sometime. Only the last 2 year out of last 5 years need be claim as primary resident to take 250K or 500K tax exam? I am trying to understand how can one qualify to take the entire property sale tax exam. Otherwise there will be a giant tax when sell the house.

@clearvaluetax9382

5 жыл бұрын

@@harukoyama9515 From the date-of-sale, it is a 5 year look-back period. It needs to be a primary residence for 24 months out of the 5 year look-back period. It's a $250K gain exclusion and $500K for joint filers.

@harukoyama9515

5 жыл бұрын

250k or 500k exam is before or after pay back all these years deduction claim? Can you give an example?

I refied my residential rental property last year. Can I deduct the loan origination fees, closing costs, title fees, mortgage points, attorney and appraisal fees?

@clearvaluetax9382

5 жыл бұрын

Yes, but that's amortized over the course of the loan-life. Amortization is like depreciation (depreciation is for physical items, such as the property itself). So it's an amortization expense that you deduct over the course of the loan. So you get the benefit, but it's spread out over a course of year (depending on your loan life).

@clearvaluetax9382

5 жыл бұрын

over a course of "years"... typo.

What are "Pares" (spelling?) as they relate to rental property?

@clearvaluetax9382

4 жыл бұрын

Pares? shoot you got me stumped Ronald... I don't know.

@aaa-pp

4 жыл бұрын

@@clearvaluetax9382pares at 4:49?

Turn your volume up!

@Subscribershelpline198

Жыл бұрын

±𝟏𝟕𝟐𝟎𝟓𝟎𝟎𝟓𝟓𝟔𝟕⊥👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾👍🏾✴️✴️…

💯💯💯💯

Being a dual citizen (US/CA) and making $100,000 CAD per year self-employed (Canadian sourced) as a sole-prop, would it be more tax advantageous to live in Michigan or Ontario? Things come to mind, non-Canadian resident = 25% withholding on net income, but paying lower Michigan / US federal income tax and being obligated to pay FICA taxes. Not to mention health insurance costs. Would appreciate if you could make a video on this

@clearvaluetax9382

4 жыл бұрын

But for the federal side, have you taken into consideration that there exists the federal tax credit or tax credits between the countries?

@donttread5414

4 жыл бұрын

​@@clearvaluetax9382 Yes, I file my own taxes and take FTC's every year as im currently a legal resident of Ontario. Moving to Michigan can still take FTC's on the 25% withholding, but this would only offset US federal income tax, not stake income tax. Ive also considered contributing to my RRSP but this does count as a deduction for my income on my US taxes (although the growth is tax free via the treaty). IE: Make 100k. Contribute 25k to RRSP. Canadian taxable income : $75k. US taxable income: $100k. TFSA is obviously out of the question as the IRS taxes this. Canadian Corp was considered but this falls under Controlled Foreign Corporation regime and another treasure cove of penalties, reporting, fees and complications.

@donttread5414

4 жыл бұрын

@@clearvaluetax9382 Major concern is simply which residency would be cheaper tax wise, living in Michigan or Ontario with Canadian sourced income @ $100k.

Very informative video! I'm highly interested in investing in multifamily rental properties, however, I'm not very handy at all when it comes to repairs. Not to mention I work full time as well. From a tax perspective, in your opinion is it worth investing in rental properties if you DO NOT do most/any of the renovations yourself? As in, do you have any successful clients who never do repairs themselves? And I'm not talking about the well established landlord with multiple, multiple properties. I'm talking about the little guy just starting out...like me. Looking forward to hearing from you!

@clearvaluetax9382

4 жыл бұрын

Hi Dillon, the majority of my clients that own a rental property do not have experience around house repairs and they hire contractors to do the fixes or they have a management company and they hire the repair people. For those handymen, people will usually just go to yelp, craigslist (be careful here of course), or just google it. If you don't want to handle emergency repair calls or deal with the tenants, people usually get a management company to be the intermediary between you and the tenant so you don't have to do a thing. Of course, the management company charges a monthly fee, but sometimes it's worth it to a lot of people not dealing with any issues that arise. But anyways, to answer your question, yes, absolutely, people are still very successful in rental property investing without being handy around the house. I would say the biggest potential problem would be getting a bad tenant, so make sure you do a good thorough screening.

@TheBlackdillon

4 жыл бұрын

@@clearvaluetax9382 Thank you so much for replying! This is the confidence boost I needed to hit the ground running. Super looking forward to your future content.

@clearvaluetax9382

4 жыл бұрын

@@TheBlackdillon Thanks so much Dillon! Let me know if you have any tax questions, but best wishes on the rental property!

@Colombian1959

4 жыл бұрын

@@clearvaluetax9382 My husband and I own properties and we are seniors. We don't do repairs, but when we purchased the home our realtor offered Old Republic and they will come out and make repairs. I usually pay around $750 a year, but they are fabulous and they come out for $60 to $75 per repair call and fix the problem. What's great about doing things this way is you can renew the policy for many years to come. I like to give my tenant the policy number & the phone number so she can call the repairs in herself and Old Republic sends me a bill. If you decide to go this route call Old Republic and authorize your renter on your policy so they can call in the repairs with your permission. I hope this helps.

@clearvaluetax9382

4 жыл бұрын

@@Colombian1959 I see, sounds perfect for someone who is NOT HANDY around the house at all like me!

Uggh are you single? So many details, so many moving parts...I just need to marry an accountant..haha

@chriscc6054

3 жыл бұрын

Lol 😂

@pureroute1551

3 жыл бұрын

beezelbub

@BattleslashX

3 жыл бұрын

Brian getting all the ladies

@boomshakalaka4682

3 жыл бұрын

Simp

🔥

Amazing hair

@clearvaluetax9382

4 жыл бұрын

Hahahahahaha thank you Andrew.

Brian: "We look forward to making more videos." God: "I got you, fam."

@clearvaluetax9382

Жыл бұрын

You rock Alex!

for a rental property that is owned by two individuals who are not married, can one of the two who doesn't have or have lower income to report all income from rental to IRS instead of 50/50 and do this as needed to reduce taxes on the high earner? In those cases, how does the IRS know if rental income is reported 50/50 or 0/100?

@clearvaluetax9382

4 жыл бұрын

Hi TheMonkeyally, the IRS has no visibility on the ownership splits. That's only an issue in the event of an audit. They'd give you a hard time to justify your splits, but they'd give you a hard time in an audit for just about anything anyways. You're supposed to split it based upon "economic reality", but again, the IRS has no visibility on the actual splits. Also, if you have rental activities, more often than not, there should not be taxable income due to "tax expenses" such as depreciation. Also, if there is a profit, it should be very minimal for tax purposes. That's unless you have a very extremely rare, super profitable rental property.

@TheMonkeyally

4 жыл бұрын

@@clearvaluetax9382 How is it going to complicate the case when it's time to sell for profit and take advantage of passive income gain of 250k individually without paying tax with either scenario 50/50 or 0/100 split of rental income and expenses? I mentioned it was a rental but we live in one of the four-plex. I appreciate your response very much. I do have other questions related to transferring my business from current cpa to you; is there an email I can contact you?