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  1. #21
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    Quote Originally Posted by msommers View Post
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    And now I live back in my rental again so it doesn't much matter
    Did you get it appraised twice?
    Once to "sell" it from primary to rental, and another to "buy" it from rental to primary?
    Because during the rental period you could've had losses/gains you're not reporting on a rental property.

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    Quote Originally Posted by Disoblige View Post
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    Lotta people use tax software... way cheaper.
    It's a minor cost for your first year to make sure you've got a good understanding of what you can and cant do.

    Quote Originally Posted by jwslam View Post
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    Did you get it appraised twice?
    Once to "sell" it from primary to rental, and another to "buy" it from rental to primary?
    Because during the rental period you could've had losses/gains you're not reporting on a rental property.
    When I considered selling one property at a loss from what i paid for it i was surprised to learn the loss can only be applied to other gains in real estate. Cant use it to offset costs in stocks or other investments.

  3. #23
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    Quote Originally Posted by jwslam View Post
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    Did you get it appraised twice?
    Once to "sell" it from primary to rental, and another to "buy" it from rental to primary?
    Because during the rental period you could've had losses/gains you're not reporting on a rental property.
    You can make a 45(2) election to keep rentals designated as primary for up to 4 years (longer is possible too with some conditions). I believe you can also file it retroactively too.

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    Quote Originally Posted by gwill View Post
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    You can write off lots of stuff for your main residence that you would use for your rental. Theres a lot of overlap with items that would be required for both. I'd write off "gifts" or "dinners" with your tenants.

    You should be chatting with whoever is doing your taxes as you should maximize every expense possible.
    Just so i'm clear, you write off personal dinners/gifts as rental expenses even though they wren't actually dinners/gifts to your tenants?

    if so this sounds like horrible advice and easy way to invite an audit. not worth it IMO.

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    Quote Originally Posted by sabad66 View Post
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    Just so i'm clear, you write off personal dinners/gifts as rental expenses even though they wren't actually dinners/gifts to your tenants?

    if so this sounds like horrible advice and easy way to invite an audit. not worth it IMO.
    Within reasons.

  6. #26
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    I don't know any landlords who have bought dinner for their tenants (and also have never heard of any of my renter friends getting gifts/dinner from their landlords) but maybe that's a thing?

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    Lol trying to pass that shit off to the CRA is just asking for an audit. How much could you possibly even write-off to make it worth it while also bringing in unneeded heat. No thanks.
    Ultracrepidarian

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    Quote Originally Posted by sabad66 View Post
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    I don't know any landlords who have bought dinner for their tenants (and also have never heard of any of my renter friends getting gifts/dinner from their landlords) but maybe that's a thing?
    I have given wines and chocolates to my tenants before, but have never claimed them. Maybe I should keep my receipts and claim these.

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    Quote Originally Posted by msommers View Post
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    Lol trying to pass that shit off to the CRA is just asking for an audit. How much could you possibly even write-off to make it worth it while also bringing in unneeded heat. No thanks.
    Yep

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    Quote Originally Posted by cloud7 View Post
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    I have given wines and chocolates to my tenants before, but have never claimed them. Maybe I should keep my receipts and claim these.
    You should be. Gift cards work great especially if your writing it off. I dropped off a bunch of booze to my tenants for christmas. Overall I make a point of doing some sort of gift through out the year for them.

    It's funny seeing people with such a narrow vision of what you should stick to on a write off. What's the point of your rental property if your not maximizing your write offs.

    If you buy tools are you not going to write that off against your rental?Of course you are. Why wouldnt you in other areas?

  11. #31
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    Genuine question: what percentage of landlords are buying annual gifts for their tenants?
    Ultracrepidarian

  12. #32
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    To be clear, if they are actual expenses used to operate the rental including gifts/gift cards to tenants then yes i totally agree they should be written off. I assumed gwill meant that he writes off personal dinners/other expenses against rental income and i stand corrected since it sounds like they are actual gifts he gives.

    I do think that writing off personal tools/other "borderline" expenses is greasy and makes it easier to get audited so that's why i'd never do it but if others think that's OK then all the power to you.

    Personally i've never purchased any gifts for my tenants but i've only been a landlord for 1 year so not exactly aware of best practices/norm for this type of thing. That's actually not a bad idea to give them a $50 GC or something if they are good tenants. Maybe i'll do that next time i do an inspection if there are no issues.

  13. #33
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    Quote Originally Posted by msommers View Post
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    Genuine question: what percentage of landlords are buying annual gifts for their tenants?
    We did...
    With a tight market for rentals, I feel its the little things that count

  14. #34
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    Question to all who have rented out a unit recently. Is it a tight market now? I mean before this shit that we are dealing with now? I thought it was getting pretty good for the landlords out there.

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    if you havent checked in with your tenants with a bottle of booze yet your making a major mistake. Get in there. Show em you care. Let em know your available to chat anytime.

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    Ima send an email right now actually. Thanks for the tip

  17. #37
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    Bump. Posting a new rentfaster ad in this awful environment

    -What are ways you make your rental listing stand out?
    -Is it better to include utilities or ask for tenant to pay for them? Currently I am listed all-in but because of that I am also asking a bit more than comps.

  18. #38
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    Quote Originally Posted by jwslam View Post
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    Bump. Posting a new rentfaster ad in this awful environment

    -What are ways you make your rental listing stand out?
    -Is it better to include utilities or ask for tenant to pay for them? Currently I am listed all-in but because of that I am also asking a bit more than comps.
    get professional photos done. It makes all the difference.

  19. #39
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    One of our tenants is moving out of the basement suite end of the month, so we are about to see how rough the rental market is right now. Because of COVID we are going to minimizing the # of showings, so we are recording a short walkthrough video as virtual showing. Hopefully that will help.

    Otherwise definitly professional photos. Depending on how desperate you are, allowing pets will get you alot more interests as well.

  20. #40
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    Already have professional photos. One set furnished and one unfurnished.

    In lieu of a virtual tour I already have a floorplan drawing so I was hoping that helps too.

    I'm not sure a shaky phone video of me walking around and spinning would help?

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