jasetheace's Profile
Author's Posts
January 14, 2008
Retroactive permits for renovations
We are about to put our house on the market. The problem is that we have done extensive renovations (dug out and finished basement , extension on the back with outside deck on top) We didn’t get any permits and now have to retroactively get them.
Can I call the DOB to start this process, or do I physically have to go down there myself.
tia
December 27, 2007
Christmas Tree Collection
First Christmas in the Slope.
Whats the deal with Xmas tree pickups?
thx
Off Street Parking
I have a question regarding in off street parking
The houses concerned are 289 and 293 16th St, in Park Slope. They both have the same thing going on. I'll post the second picture on the next thread (maybe Mr B can squeeze them both in without distorting the scale)
From the photo you can see that the curb has been cut way. I know there is some sort of Grand Fathering with this feature
The actual part of the curb which is street level (were a car could pull into the house) is probably 3 ft wide. The part that is painted is probably 5 ft wide.
They are obviously serous about not parking due to the professional "No Parking" sign that's only recognizable if you're walking on the sidewalk
These are my questions
Is this legal?
If it is, then how can a 3 ft wide "driveway" be legal
If the 3 ft wide "driveway" is legal, is the 2 ft either side legal.
How do I find out if any of this is legal
If this is legal, who to I contact as to the ridiculousness of it all
They are three houses down from each other. That coupled with the fact that there is a fire hydrant involved, they "reserve" a bunch of space.
What to do………….
December 4, 2007
Speed bumps
I live on one of the wider streets in the Slope. Because its wider, trucks love to speed down it.
The next block down from me has a newly installed speed bump.
I am wondering who in the city to call to check if we are getting one or ask for one.
tia
November 19, 2007
Deck leaking
We have a deck built on the top of an extension.
When it rains, there is a buildup of water. That sometimes leaks down into the extension room
Does anyone have any recommendations to a contractor to look at it.
thx
November 6, 2007
PS 321 losing its luster?
It scored less than PS 107?
http://www.nytimes.com/2007/11/06/education/06reportcards.html
November 1, 2007
Leaking lead water main
Any recommendations for plumbers that can fix a basement water main.
tia
October 9, 2007
Rental legal question
We are renting a 2 bedroom apartment in Cobble Hill.
We have been there for 6 months. We knew that the landlord was looking to sell it when we moved in.
We have a 1 year rental contract. As well as that, he verbally told us he was not going to put it on the market for a year.
Now he wants a broker to take a look at it. You know what the next steps are.
What is our recourse if he wants to put it on the market before the 1 year contract is up?
Author's Comments
Responses to Author's Forum Comments
But the OP said the apartment would have access to the garden. Apartments with garden access earn more rental income than without garden access, especially when the garden is cleaned up and nice. I'd definitely think the OP could write off at least a portion of the money spent improving the garden. I used to have a home office in my house in CA and my accountant there wrote off a portion of my yard maintenance because of it. So I know it's something that's done.
Posted by: traditionalmod at August 31, 2007 9:27 AM in response to Backyard Renovations
If you have sole access to the garden, you may be out of luck. In my case, say I spent 10k on the garden and cleanup; this was split 50%. 5k was improvements to the rental property and deducted from income.
A cautious accountant might say that mine was capital improvement, in which case it has to be depreciated (say 15 years) so I could only deduct abt. 333/yr.
A creative accountant might claim that *your tenants* derive visual pleasure from the garden so you can allot some % as improvements... ;)
Posted by: cmu at August 31, 2007 9:43 AM in response to Backyard Renovations
The income you earn from renting the apartment is taxable. If you get more rent for an apartment with garden access, your taxable income and tax will be higher. To determine your taxable rental income you subtract expenses such as the apartment's share of heat, water, electric, etc. that you pay. You also subtract any depreciation on capital expenditures related tot he rental.
If you improve a portion of the property that the renter has access to, you can depreciate (and deduct) that improvement according to current tax rules. If the renter has sole access to the garden, 100% of the expense will qualify (as it would if you renovated their bathroom). If you and the renter will share access, then you will probably only depreciate a portion of the renovation expense, on the advice of your accountant. 50% sounds reasonable for shared access. This would also apply to any other shared facility, such as a laundry room you put in the basement and allow the tenant to use.
The fact that you may use some of the rental income to make the improvements isn't relevant here and doesn't change the answer.
Posted by: guest at August 31, 2007 11:08 AM in response to Backyard Renovations
I am not an accountant and am still trying to figure it out (accountants feel free to step in)
But this is how I see it.
You receive rent for the apartment with the garden access, and you pay tax on that income. Lets say $12K a year
But, you make capital improvements to the bottom floor apt garden. Therefore it is a capital improvement expense, lets say $6K.
You should only pay taxes on a "yet to be confirmed %" of the $12K.
If you're living on the ground floor and your tenants don't have access to the garden, I'm not sure if you could write any of it off.
Posted by: jasetheace at August 30, 2007 5:12 PM in response to Backyard Renovations