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Re: definition of expenses
by Ted
on August 17, 2021 @10:48
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Thank you Gary. Manage our few properties for 15 years now and it was the first time I heard you can't deduct my own time when I was at a party recently. This person has at least one apartment building so he was at a different level than me. This year we will probably make a little over 200K for the first time in a while and we had to do quite a bit of work on one of the properties due to negligent tenants. Will reduce significantly the write-off for that.
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Re: definition of expenses
by Bette
on August 28, 2021 @18:23
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It's interesting reading this --- We've never charged off our labor for repairs we've done to our single family rentals throughout the years. EXCEPT when the tenant leaves a big mess at the end (seldom, but it has happened). The cleaning & repairs we did charge for our la labor. I guess we were missing an expense we could have used.
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