Noob question and first time investor.
Closed on a multi family home end of 2021.
Living in one of the units and renting others.
Had bunch of repairs done in 2021 and 2022 from different contractors for my unit as well as the one i have rented.
Naive me i paid them all in cash and now they are MIA when i ask for receipts.
Question - what can i do now in terms of receipts or for 2022 tax deductions? Is there any type of form or invoice that i should be asking moving forward? s

like
Posting as :
works at
You are currently posting as works at

Since you are renting out the other units and trying to take business deductions, you need to get them to fill out a W-9 BEFORE they start working so you know if you have to issue them 1099s or not based on their legal entity.

likehelpful

Take it as a lesson learnt. Most likely you won’t get the deductions and your contractors doesn’t have to pay the taxes now there’s no paper trail. Receipts are critical for tracking everything

like

Yes, lesson learnt. But what kind of invoices are acceptable is my question. Do i need to give them form 1040 or anything whenever im getting any work done?

Also, find a CPA of tax professional that deals with rentals to help you too. Will you self manage since you’re living there or hire a property manager?

Take screenshots of cash withdrawal from bank and emails/texts where you coordinated the work.

Related Posts

Which bank account is better for salary account?

HDFC
Axis

like

What will be in hand for the below after-tax deduction?

Post Photo
like

Fishbowl family… any UBS financial advisor training program here? What is the total expected income? My friend was offered 55k as base plus bonus…

likefunny

Other than Airbnb, what is the best way to find month to month rental options?

like

Novice investor looking to invest 100K. Do I DCA into ETFs / Mutual Funds?

In what increments (eg. $1,000) and cadence (eg. Monthly) should I DCA?

How should I spread out the increment across ETFs (eg. Equal percentage in each)?

like

Question on after-tax contributions. I’ve recently upped my contributions to after tax through payroll (already maxing our 401k+contributing to traditional Ira to be converted to a Roth shortly contd

👀 Can we talk smack about auditors? Trial balances based on filed financials are still trash once it comes time to do returns, so all I’m saying is materiality can kiss my a**

like

Job Opportunities in PDX? Anyone know people looking for new jobs in PDX? I am sourcing candidates in PR (Director) and integrated marketing (A/C Supervisor) and other roles. Would love any referrals! S.Towers at bolywelch dot com

uplifting

I am a Recruiter in the Civil Engineering and Design industry (Land Design) in the DFW area. I would love some insight on the offers that you are getting in Texas.

Well I guess my holdings are never going back up in value

funny

Let’s say you have two young, high income partners in a couple who want to buy a house together but don’t really care to get married. They already live together in an apartment but both want to move to a house to build equity and have a yard, not share walls, etc. Should one partner buy the house and the other pays rent until they get married, or should they get a mortgage together without being married? I realize there isn’t a “right” answer but I’m interested in people’s experiences here.

likefunny

Does it take 3 quarters of the year to reach 3% (tier 3) interest rate at HMBradley? If so, does it make sense to deposit a large chunk of fund until I reach tier 3?

like

Curious to know what is everyone's target net worth and how old would you be before you decide to feel comfortable settling down or moving back to India?

like

Looking to transition to a new career, possibly to SWE. I have a physical science background with some student loan debt. Before I dive into more student loans, I wanted to check out some Software Engineering boot camps....

Any recommendations? What's your personal experience? Are they worth paying, or is college the way?

likeupliftinghelpful

Been lurking on this group for a while. I’ve only traded stocks ever. What’s the best way to start with options? Any great video tutorials or websites that can help me understand the basics. I only have theoretical knowledge of options thanks to a derivatives class I did at college.

like

Looking for a soundboard.
Expecting parent, 35yo, NW of $1.2M with investment property in my hometown in Europe near family & friends (mortgage is less than $1k). Current expenses in Bay Area is 5K a month, probably more once baby comes.
Thinking of leaving Bay Area in 2 years and semi-retire for a few years in Europe, focusing on parenting and freelancing.
Any thoughts on this plan? Anything I should be aware of?
Thanks!

like

When there is FUD you buy

like

Love how BS credit score is. Got my score up to 800 last month only to go on vacation so my credit utilization went up to 8% due to the increased spending and my score dropped 35 points because I didn’t immediately pay the balance after charging the purchases. I always pay my balance in full each month and have never missed a payment, how is 8% credit utilization determined to be that big of a risk that my score got immediately wrecked, I don’t understand

like

Starting at EYP next week, got a question about independence since recruiter and external site isn’t helpful at all.

There seem to be different categories of restricted securities. Do I divest them all or only the ones falling in specific categories ?? Thanks

Post Photo
like

More Posts

I am looking for 1 room in pre-occupied 2/3 bhk Flat.

Or 1Bhk or 1RK ( in case of any lead)

Or ready to hunt flat with 1 or 2 person.

Location : - Koramangala/ Adugodi / HSR Sector 7 or in 5 km radius of forum Mall.

My preference: VEG , NON Smoker & cleanliness

like

Dry January. Anyone have it turn into the kick off for a longer term plan? Considering this.

like

Rakuten symphony Rakuten India Good organization to join for as PM?
I am currently in Publicis Sapient

like

I have a a question for recruiters-what’s the biggest misconception you’ve heard about recruiters like “they don’t read resumes” or “ways to reach out to a recruiter” anything like that? I’m always to myth bust and want to share some stuff with my team of recruiters.

like

How risky is going to a startup which is currently going through Series A? Have just received an offer.

like

After a decade of experience at big American banks plus consulting, with an American education and passport, how expansive are my options with big and/or small names in the region?

like

If I max out my 401k before the end of the year, I am still eligible for employer matching?

like

When a consolidated unitary group acquires a TX Corp, does TX follow Sec. 382 and Sec. 383 and apply a limitation on the utilization of the acquired entity's TX R&D credits following the acquisition?

How does it feel to earn less than US Consultants while also struggling for utilization

like

What are ways I can spend my $200 airline credit for the Amex platinum ? I saw upgrades don’t count and I have status so already get free baggage, lounge etc.

like

Seeking a referral for Kmpg job post that I found suitable, anyone able to help out? Never applied before

like

Anybody can refer me for Ansys?

like

Looking for performance testing openings for 10yrs exp.

notice period:30days.

like

What’s the EB1A wait time for GC?

like

Does the link still hold active for accepting offer leter after 7 days for tcs?

like

Salary credit timings? Icici bank

like

Anyone working from Coforge Bangalore office?
Where do you stay nearby?
I have to move to Bangalore and report to office in oct month.Coforge

like

What the hell is PWC's human-centered design badge on LinkedIn that every intern and new employee posts? It's horrid but now I'm curious.

funnylike

8400 take-home after maxing tax advantages accounts. I found a new construction home for $2780 monthly payment if I put 3.5% down. Monthly payment includes taxes, insurance, PMI, and HOA. I have no debt. Is this a stretch? I’ve searched Google and used online calculators. I’ve never spent more than $1600 on rent, so I’m nervous about pulling the plug.

like

Is there anything comparable to Chicago’s East Bank Club in NYC?

like

Additional Posts in The Real Estate Bowl

When renting out a property, can you specify which pets you'll allow vs not? Like no cats but small dogs are okay?

like

Is it the worst time to buy real estate because of the interest rates?

like

Any thoughts on this book?

Post Photo
likefunny

Commercial real estate question. When a residential property will likely zone commercial in the coming years, do we, the owner, wait for a buyer/developer to contact us?

like

How accurate is AirDna rentalizer revenue and occupancy (assuming you are best or at par with top area listings) - specifically in big city suburb if that makes a difference. Looking for any and all opinions of airdna rentalizer

like

Is a sloped floor of 1/2” over 10’ noticeable? I have to make room for conduit and cannot trench in my current place

likesmart

Hey hey all. I am writing a book on value creation in commercial real estate - from site selection to tenant management basically capture where industry experts see value lost or opportunities not captured. Anyone want to contribute to some insights ?

like

If u have a house under my name if i move it to an llc what happens? Do i refinance to prevent a due on sale clause?

like

UK - thinking of a buy to let in either Birmingham, Liverpool, Manchester - any recommendations on either /areas where you can get something under £140k.

like

What are the mortgage rates you guys are getting? Best I’ve heard is 2.5% (30year fixed) curious if anyone has heard better?

like

Good evening all,
With my partner we are considering making a move to the countryside of Switzerland, with a gorgeous RE project offering incredible views on immaculate mountains and lake. However, it is far away, and will require 1h+ train/car commute vs. 10 min biking right now. We are scared it will bite us back at some point, although COVID helped w/ remote working being a new norm. The project will be done 2024, so I hope to have a more relax job by then. Any similar experience to share?

like

At what income level should one be comfortable to spend 2400/mo on rent in HCOL? Assuming single, no kids, no debt or major expenses.

like

How can I invest in real estate ? Looking for an additional passive income source

like

How big is to big for an initial investment property. Theres a 20 SFH portfolio for sale by me for about a mil. Is this to big to start with initially? I'm less worried about the Financials (feel comfortable on that end) and more worried about the managerial aspect.

like

What price per sq foot to investors start buying in the north ATX home? My home is on the market and not moving. Trying to understand at what price point does it become attractive to investors

My clients wish to write a testimonial/review for my RE broker services. What is the best site/medium for this? Yelp? Google Review? Zillow? Facebook?

like

Got news that my house closing may have to be moved due to a delay in the sale of my home. My partner’s income was excluded in the DI ratio, but if it were included we’d be well under the % threshold and can be approved to close on time regardless of the sale of my house. However our mortgage company’s underwriting team has been painfully slow in confirming if her income qualifies. She’s been at her new job 1 month after a year off. Anyone with underwriting experience have insight?

like

How much should I invest in buying a HOME as my primary residence.

Current TC: 200k
Net worth: 300k, readily available 170k in stocks, hysa and cash
Current rent: 2000 per month
Age: 30

Wonder if anyone has any excel model or a rule to determine how much I can afford or should go for?

like

My realtor looked at a unit for me, and shared the video w me. I’m interested. The unit is on MLS. Then he posted on his IG story seeking buyer. I’m kinda annoyed because now I may have competitions since he is my realtor OR should I be ok for him to do that since it’s equal playing field on MLS?

likefunny

Quoted a 30 year mortgage, 5% down for a ~600k home for 4% interest no points.

Profile: 250k salary, 800 credit score

Is this any good??

likefunny

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal