Taxes &amp; Accounting

When Is a Rental "Placed in Service" for Depreciation?

A rental is "placed in service" the day it's ready and available for rent, not the closing date or the day a tenant moves in.

When a Tenant Pays for Repairs, Is It Taxable Income?

The IRS treats tenant-paid repair money as rental income you must report, but the repair cost is usually deductible against it in the same year.

What to Fix First in a Fixer-Upper: A Priority Checklist

Fix the roof, electrical, and foundation before anything cosmetic — and know whether each repair is a tax-deductible expense or a capitalized improvement.

Tenant Won't Let You In for Repairs? Here's What to Do

A tenant who blocks a scheduled repair visit is still bound by the lease and state entry law — here's how to respond without triggering a bigger dispute.

First 90 Days as a New Homeowner — A Tax & Records Checklist

In your first 90 days as a new homeowner, four things matter most: paperwork, property tax filings, a maintenance baseline, and a basis file the IRS will one day ask about.

What Adds to Your Home's Cost Basis? A Room-by-Room List

A $2,500 line item can be a same-year deduction or added to your cost basis for decades — the room you're standing in decides which.

What a Qualified Intermediary Does in a 1031 Exchange

A qualified intermediary holds your sale proceeds and prepares the paperwork so an IRC §1031 exchange isn't disqualified by touching the cash yourself.

💧 🧾 Taxes & Accounting

Well Pump Runs but No Water: 6 Fast Fixes to Check First

A well pump that runs but delivers no water almost always traces to one of six spots: the switch, the tank, the prime, or a broken pipe underground.

Vacation-Home Loss Limits — The Rental-Use Deduction Cap Explained

A vacation home you also use personally triggers IRS §280A rules that can cap or delay your rental-loss deduction until you sell or rent out more days.

Basement Rental Unit: What to Check Before You Legalize It

A legal basement rental unit needs a permit, a code inspection, and a tax plan — skip any one and you're exposed to fines, denied claims, or an audit.

Trading Services for Rent — How the IRS Treats Bartered Rent

The IRS treats services traded for rent as taxable rental income at fair market value, even though no cash ever changes hands between landlord and tenant.

SALT Cap Explained: What It Means for Your Property Tax Deduction

The SALT cap limits how much state and local tax you can deduct on Schedule A, but it doesn't touch property tax on a rental you report on Schedule E.