question on being FT LL

Click here for Top Ten Discussions. CLICK HERE for Q & A Homepage

MrLandlord Q & A

question on being FT LL (by jason [MI]) Oct 11, 2024 11:16 AM

question on being FT LL (by Jeffrey [VA]) Oct 11, 2024 11:48 AM

question on being FT LL (by Sisco [MO]) Oct 11, 2024 12:26 PM

question on being FT LL (by Jason [MI]) Oct 11, 2024 12:56 PM

question on being FT LL (by Oreo [WI]) Oct 11, 2024 3:18 PM

question on being FT LL (by plenty [MO]) Oct 11, 2024 6:56 PM

question on being FT LL (by 6x6 [TN]) Oct 11, 2024 8:19 PM

question on being FT LL (by Ray-N-Pa [PA]) Oct 12, 2024 6:33 PM

question on being FT LL (by jason [MI]) Posted on: Oct 11, 2024 11:16 AM
Message:

Hello, I posted a week or so ago about leaving W2 job in March.. an appreciate the replys. Couple questions

1. I am not sure who to talk to about leaving my w2 job an doing landlording full time. In regards to like, if i do sch E i dont think i can deduct my health insurance? Worth doing a Sch C, so i can deduct it? Paying into self ira thing?

Not sure if would be a CPA? or more of like a Financial Advisor? --136.181.xxx.x

question on being FT LL (by Jeffrey [VA]) Posted on: Oct 11, 2024 11:48 AM
Message:

Jason, may I suggest that you come to our Landlord Retreat in January. The reason I suggest that is because you will be able to talk with 200 successful landlords, over half of which have already made the very the transition you will be doing. What you can learn from their experiences would be very valuable to you.

I really believe the many informal (including answers to many questions you will be able to ask) during the 3 day retreat will be extremely insightful and make it well worth your time. Plus you will be able to have a great time at a beautiful resort.

The suggestion I am making to Jason, I also highly encourage you as well if you have made the transition to being a full time landlord, or if you would like to make the transition in the future. Only a few more days left to register. Go to LandlordRetreat.com for details. --184.189.xx.xxx

question on being FT LL (by Sisco [MO]) Posted on: Oct 11, 2024 12:26 PM
Message:

I am a full time LL , My health insurance premiums are deducted from my taxable income. --149.76.xxx.x

question on being FT LL (by Jason [MI]) Posted on: Oct 11, 2024 12:56 PM
Message:

Don't you have to be self employed an use a sch c to deduct health insurance on sch 1? Sorry never bought health insurance before an seems like will be a big deduction --107.116.xxx.xx

question on being FT LL (by Oreo [WI]) Posted on: Oct 11, 2024 3:18 PM
Message:

I vote for asking a CPA. Mine used to work for IRS and knows many ways to report/deduct specific items. --75.11.xx.xx

question on being FT LL (by plenty [MO]) Posted on: Oct 11, 2024 6:56 PM
Message:

I believe my health insurance is deducted I have market place (Obama care) if not all, part. I know I have to report that with my rental expenses. --172.58.xxx.xxx

question on being FT LL (by 6x6 [TN]) Posted on: Oct 11, 2024 8:19 PM
Message:

Wouldn't Schedule C require you to pay self employment tax? --73.108.xxx.xxx

question on being FT LL (by Ray-N-Pa [PA]) Posted on: Oct 12, 2024 6:33 PM
Message:

Al Allelio had a book on how to do this. You make yourself an employee of your management company. --24.101.xxx.xxx

Reply:

Subject:	RE: question on being FT LL
Your Name:
Your State:

Message:

question on being FT LL

Would you like to be notified via email when somebody replies to this thread?
If so, you must include your valid email address here. Do not add your address more than once per thread/subject. By entering your email address here, you agree to receive notification from Mrlandlord.com every time anyone replies to "this" thread. You will receive response notifications for up to one week following the original post. Your email address will not be visible to readers. Email Address: