"Michael T Wing CPA" <mtwingcpa[at]yahoo.com> wrote:
- quote -

the trip over the hill several times a year (from Eastern
Wash). With both parents now gone, I restrict myself to
fair-weather pass conditions :-)

I have continued to track house values in the intervening
two years and there have been many sales in this price
range. Actually, I don't know the source of the capital
being used, but SOMEBODY has enough money to buy at these
prices. Many are young couples, so the neighborhood is
being "regenerated" and there seem to be more youngsters
around.

Our family home was purchased in 1942 for about $12,000
(built 1906 or so), but had a FMV in 2001 of over
$800,000!!! Selling was a no-brainer. <g
Herb

P.S. The house is on the north edge of Capitol Hill, with
views of UW, north Seattle, Lake Washington, Mt Baker (and
maybe Canada on a good day :-) ). mainly we sold the view,
and threw the house in.

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Herb Smith <smithff33[at]aol.com> wrote:

- quote -

Maybe, a few years ago. Me thinks you haven't been to
Seattle LATELY. <g
MTW

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"Michael T Wing CPA" <mtwingcpa[at]yahoo.com> wrote:

- quote -

That's easy, if the house is on Capitol Hill in Seattle, you
sell it to one of the dot.com newly-rich for
$800,000-$1,000,000 and move on with your life! Been there,
done that.

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Rick Hess wrote:
- quote -

....

- quote -

That may not help you from a tax point of view. Actual P&L,
accounting P&L, and tax P&L have little to do with one
another.

In addition, there is dispute on this newsgroup about
whether a 1099 is appropriate, except for the payment to the
PM himself.

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"JanZtaxNOSPAM" <janztaxnospam[at]aol.com> wrote:

- quote -

I've been thinking about the title (since your original post
<g> ). I like "accidental landlord," but I'm not sure about
the rest of it. It seems like the concept of being an "AL"
should be explained. But, alas, I don't have any coherent
suggestions.

Also, as to situations, how about the case where the parents
die and the kids inherit the house (which they don't want to
use personally and don't have any idea what to do
with...)???

MTW

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I didn't reply because I'm a real estate investor and not a
full-time tax preparer (every few years I work at H&R Block
for my own education).

I buy distressed properties and many of them were owned by
"accidental landlords". My advise to those who find
themselves in such a situation: Get a Property Manager --
QUICK! -- even if the rental property is next door. The
reasons are numerous, but mostly revolving around liability
situations in which beginning landlords quickly find
themselves. Examples: tenant's dogs, unlocked pool areas,
security issues, roommate disputes, neighbor disputes, and
on and on and ON.

I realize your book will focus on the tax issues. But if a
good PM is employed, much of the accounting work is done.
The PM will send a year-end summary P&L and a 1099.

Therefore, a primary theme for your book should be locating
and working with a good PM.

BTW, I myself started as an "accidental landlord" due to a
job change from CA to LA.

Good luck on your book. If I can help further you may email
me if you feel it's OT for this NG.

--

Rick Hess
New Orleans
To reply, eliminate All_Spammers

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"JanZtaxNOSPAM" <janztaxnospam[at]aol.com> wrote:

- quote -

I've been thinking about the title (since your original post
<g> ). I like "accidental landlord," but I'm not sure about
the rest of it. It seems like the concept of being an "AL"
should be explained. But, alas, I don't have any coherent
suggestions.

Also, as to situations, how about the case where the parents
die and the kids inherit the house (which they don't want to
use personally and don't have any idea what to do
with...)???

MTW

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

I didn't reply because I'm a real estate investor and not a
full-time tax preparer (every few years I work at H&R Block
for my own education).

I buy distressed properties and many of them were owned by
"accidental landlords". My advise to those who find
themselves in such a situation: Get a Property Manager --
QUICK! -- even if the rental property is next door. The
reasons are numerous, but mostly revolving around liability
situations in which beginning landlords quickly find
themselves. Examples: tenant's dogs, unlocked pool areas,
security issues, roommate disputes, neighbor disputes, and
on and on and ON.

I realize your book will focus on the tax issues. But if a
good PM is employed, much of the accounting work is done.
The PM will send a year-end summary P&L and a 1099.

Therefore, a primary theme for your book should be locating
and working with a good PM.

BTW, I myself started as an "accidental landlord" due to a
job change from CA to LA.

Good luck on your book. If I can help further you may email
me if you feel it's OT for this NG.

--
Rick Hess
New Orleans
To reply, eliminate All_Spammers

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Hello, Jan!

I thought about responding Friday, but ran out of time.
Your idea for the book is a great one!

How about people who buy a condo for the kid at college and
rent a room or rooms to other students? I also have a pilot
who bought a house with another pilot. They have two extra
bedrooms which they rent to other pilots who want a home
away from home without having to spend major time in a
motel. Splitting the expenses is a bit hairy because of
the common areas (kitchen, family room, etc.).

Good luck with your book. Let us know when it goes on sale.

Audrey Griffin, EA in GA

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janztaxnospam[at]aol.com (JanZtaxNOSPAM) wrote:

- quote -

I think this is an excellent idea. I'm not a tax pro, but I
did find myself as an "accidental landlord" for several
years. A book such as you are proposing would have been very
helpful. I also know several people that are or were
accidental landlords.

--
To reply to me directly, remove the XXX characters from my email address.

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- quote -

so am posting again.
_______________________

- quote -

just the everyday stuff.) I'm considering calling it "The
Accidental Landlord: What You Need to Know About Taxes and
Recordkeeping".

- quote -

bringing in rental income:
- quote -

(at least temporarily.)
- quote -

it out (at least part time)
- quote -

to have an in-law apartment which they decide to rent out
- quote -

herself. She rents out a room in the house to someone else.
etc.

- quote -

in a situation like this -- they didn't PLAN to be a
landlord but circumstances are such that they are/will be
and they have no idea what that means taxwise (most common
question -- I got it again yesterday -- "will I still be
able to deduct my mortgage if I rent my house out?")

- quote -

as they do for me.

Jan Zobel EA

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