denco asked:


This is an established property managment business renting apartments to graduate college students. I would be buying a 49% position in a LLC. The existing owner would retain the other 51% and would also manage the property for a fee. Our goal would be to sell the property at the end of 3 to 4 years, when the 51% owner is ready to retire and when my son is finished with his graduate program at the same school.

Dan

at asked:


I just sold a investment property, I would like what kind of items I can deduct for ferderal income tax, can I deduct the closing cost for purchase of the property…..etc?

Ashley

ajax3503 asked:


I bought a fixer-upper. I never lived in it or rented it. I made many improvements and repairs to the property. I also incurred expenses when I sold the property about 8 months later. Where do I report the expenses and gains from the sale on my income taxes?

Laura

divawise asked:


We have decided to purchase an investment property be co-owners with my boyfriend so we can split the profits upon selling it after 1yr. What legal steps do I need to take to ensure my interests are protected? The mortgage will be under my name. The plan is for him to lease the property for 1 year make monthly payments that will cover the mortgage. I will continue to rent. We will both contribute equally towards upgrades needed for the house to sell after 1 year. How should he be listed on the title? should the interest be 50/50? What additional legal documentation would be needed incase we decide to split. I realize as the loan will be under my name I will be solely responsible. How can I ensure I can sell the property if I need to if he ceases to rent I decide not to move in to the property, can I remove his name from the title? How would I need to set this up to begin with to allow for such flexibility. I haven’t closed the deal as yet but will be doing so soon.

Derrick

Vic Ric asked:


I am purchasing my first invesment property and I will need a truck for better providing maintenance to my property and future properties. Can any of the money used to purchase the truck, as well as gas, mileage or similar truck expenses be deductible?

Denise

rdz asked:


if i have a new primary home and 2 investment properties, i foreclosed on 1 investment

Daniel