Recent content by 48Fire

Yes, both. Dad is 88, and Mom is 86. They've been landlords for 60 years. They're not on the top of their game.

That's a great question 🤔 At this point, we're just trying to figure out the right answer, but I will bring that up at some point. My Dad is struggling to get his baseline inputs in, and he's promised them to them by this Friday. Maybe by the following Friday, we'll know the real numbers, and...

Yeah, and I was, too! We had rental properties as well, and I did my own taxes, so I was aware of the 27.5 years.

Exactly. Preparer A was amazing. He was a retired, Bank Manager, who did taxes just to keep himself busy. I think he was around 85 years old when he died. Tax Preparer C has just provided an hour or two of work at no charge. Her Mom listed and sold the two rental properties.

I'm glad you said that, because I want to do exactly that. When we talked to Tax Preparer C back in October to give us an estimate, she was surprised that the properties were still being depreciated at $4,500 annually even though they were put in service 34 and 45 years ago. I had noticed the...

Thanks, very helpful. I asked for a breakdown of the numbers, but they didn't provide them. Our first step was to verify that Tax Preparer A had, in fact, depreciated the two properties to zero. Fortunately, my Dad still had all of the records. Tax Preparer B is not a CPA, and is relying on...

It appears that my parents rental properties were over depreciated by $51,000. Tax preparer A did their taxes for 36 years, and fully depreciated two properties over 27.5 years. Tax preparer A died, and Tax preparer B starts depreciating the properties again at $8500 per year for 6 years...

Nope, actually moving to a less rural part of Tennessee from more rural Florida. Most of the time in Florida, we just tool around on our golf cart, very near the coast. We're just a few miles outside of Nashville, so I-40 will be common, unless we avoid it completely.

Yeah, for sure. We knew insurance would be cheaper, but seeing the equivalent of $1,000 per year check handed to us is very nice. Even better, our property insurance is dropping $4,000 per year :dance: We have lived in Florida off and on for 40 years, and it's getting a little crazy to live...

My annual premium dropped $1,000. We switched coverage from Florida to Tennessee. We're not driving any safer in Tennessee, but apparently others are.

We were in our golf cart waiting at a light behind a family in another golf cart. 3 kids in the back, no seat belts. Dad accelerates and one kid falls out the back, hits his head on the step, then the road. Fortunately we don't run him over.

We bought tickets to a music festival in August for ourselves and our friends. Their half was $1,500, but they were traveling, and we said no worries, it's on our credit card, which isn't due until next month. Three months go by, and we have met them a couple times for dinner, discussed the...

We were burned by this when the second IRA (my wife's) was an inherited IRA. Apparently that's a no-no. We only needed the second IRA when the buyers defaulted on the closing date. They claimed they were a cash buyer, but they couldn't get mommie to release their Trust Fund money

We love Liz's Kitchen about 20 minutes north of Nashville. It's VERY casual, and mostly local, big eaters :)

That's a great chart, and one I swear by here in Florida. Yesterday our dew point was 79! It was tough to breathe. We finally got some rain today, and it's down to 75 today, not quite miserable. I start riding a golf cart when it hits 70, and when it is over 74, I don't play at all.