Archive for July, 2014

Depreciation – IRS Tax Info

GrinnanMikeCPA  J. Michael Grinnan CPA

How do I Compute depreciation for tax purposes?

The simple concept of depreciation can get complicated very quickly when one is trying to determine the proper depreciation deduction for any particular asset. Here’s only a summary of some of what’s involved.

Identifying the asset

The modified accelerated cost recovery system (MACRS) is generally, but not always, used to depreciate tangible depreciable property placed in service after 1986. The MACRS deduction is computed on Form 4562, Depreciation and Amortization. Click Here for Full Video/Article (Members Only)

Real Estate Investor Deal Analysis Review Training Audio on Single Family Home

Jimmy Moncrief interviews Mike Butler to conduct a real “Deal Analysis Review” on a single family home that Jimmy wants to buy for a rental.

 

Back in May of this year, week of the Kentucky Derby here in my hometown, I had the great privilege and honor to meet Jimmy Moncrief and his sidekick and best friend Brad. Both are from Tennessee and were attending their first Kentucky Derby, a bucket list sort of thing I imagine.

Jimmy is one of my Gold Member and he had requested and scheduled a private one on one coaching/mentoring session, but in a very creative and unique way of doing it.

Jimmy wanted to record it as a live interview of a “Deal Analysis Review” on one of his pending leads on properties to buy. PLUS, Jimmy wanted permission to put it on his own website as a podcast thing. Here is the link to Jimmy Moncrief’s website http://realestatefinancehq.com/turn-landlording-autopilot/

I need your help please. A Little Feedback on the 2 questions below, thanks in advance.

QUESTION: Would You Like to Have Podcasts available from Mike Butler?
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QUESTION: If you answered Yes, Do You Prefer Audio Only or both Video or Both?
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Below is Jimmy Moncrief’s article and link to the podcast interview.

 


 Landlording on Auto-Pilot: A Simple, No-Brainer System for Higher Profits and Fewer Headaches

  Click Here for Full Video/Article (Members Only)

Fair Housing Do’s and Don’ts
19 min Training Video
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GrinnanMikeCPA

 

 

 

 

 

   J. Michael Grinnan CPA

 

FAQ: What is the self-employment tax?

Taxpayers who are self-employed must pay self-employment tax on their income from self-employment. The self-employment tax applies in lieu of Federal Insurance Contributions Act (FICA) taxes paid by employees and employers on compensation from employment. Like FICA taxes, the self-employment tax consists of taxes collected for Social Security and for Medicare (hospital insurance or HI).

The self-employment tax is levied and collected as part of the income tax. Click Here for Full Video/Article (Members Only)


WDRB 41 Louisville News

LOUISVILLE, Ky. (WDRB) — Police have arrested 54-year-old Anthony Jecker for shooting and killing another man at an apartment complex on Fegenbush Lane.

According to police, around 3 p.m. Jecker and his landlord got into an argument outside an apartment. 

They say the altercation then led to the suspect pulling out a gun and shooting the other man.

The victim was pronounced dead at the scene.

Neighbors and police both tell us that the apartment complex here on Norbrook drive and Fegenbush Lane is in a family friendly neighborhood, and this is very out of the ordinary.

“Someone decided to do something that, obviously, killed someone else and could have put a lot of people in danger.” LMPD spokesperson Dwight Mitchell said, “thankfully that was not the case, but unfortunately there was one person who did die from this.”

Neighbors say Jecker does live in the apartment complex with his wife and a dog.

They say his wife left in a police car. 

Jecker is charged with murder and tampering with physical evidence

link to full article
http://www.wdrb.com/story/26016414/lmpd-arrest-suspect-in-shooting-at-fegenbush-lane-apartment-complex

 

Short from Mike Butler

My prayers go out to this landlord and his family. Although at this time, the media has not released the name of the landllord who was killed by his own tenant, this is real life about how dangerous people are in today’s world. Even Mayberry, USA is not safe.

This should be a huge wake-up call to all rental property owners in how you communicate and treat your tenants. Odds are, this landlord was working his butt off to build for true financial freedom with his wife and family.

Please remember this landlord’s family in your thoughts and prayers.

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