Related Posts
When there is FUD you buy
More Posts
Anybody can refer me for Ansys?
What’s the EB1A wait time for GC?
Salary credit timings? Icici bank
Additional Posts in The Real Estate Bowl
Any thoughts on this book?

New to Fishbowl?
Download the Fishbowl app to
unlock all discussions on Fishbowl.
unlock all discussions on Fishbowl.





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.
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
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.