House of the Day: 449 6th Street
If you want a great house in a prime location but need a little extra rental income to pull it off, this new listing at 449 6th Street just might be the ticket. The four-story brownstone is divided up into two duplexes. The listing doesn’t say what one of them would rent for, but we’re…
If you want a great house in a prime location but need a little extra rental income to pull it off, this new listing at 449 6th Street just might be the ticket. The four-story brownstone is divided up into two duplexes. The listing doesn’t say what one of them would rent for, but we’re guessing around $4,500. With rates where they are, that should help cover almost a million bucks of your mortgage. Given the asking price of $2,300,000, that should get you almost halfway there to covering your monthly mortgage nut.
449 6th Street [Corcoran] GMAP P*Shark
gem, Noki & Boerum…I’m not sure of the exact rule because I don’t do my taxes. I know for certain that if you make above $150k, you can’t deduct ANY loss. That may have moved down to $125k but I’m not sure. However I do remember him telling me that it is a sliding scale; i.e. you can deduct some of the losses but not all the closer you get to $150k (or $125k if that’s the cutoff now.).
So, no, under certain income restrictions you cannot claim Schedule E losses.
benson, I’ve never seen that before. I would prefer that the formal entertaining floor be the one with the higher ceilings and larger windows. It is not here and I do not know why.
I don’t look at these type of homes that often (I’m the condo guy -remember) so I have to ask: is the layout of that top duplex common in these arrangements? It seems really strange to me that the bedrooms are on the 3rd floor, while the kitchen and living room are on the 4th floor. Would someone explain the logic of this arrangement?
gemini, it’s 150K modified AGI.
http://www.irs.gov/publications/p17/ch09.html#en_US_publink1000171747
Page down to Maximum special allowance section (under the “Losses From Rental Real Estate Activities”).
What do you mean you can’t claim any of it if you are over the income cutoff? I thought you could claim it up to the total passive income on Sched E.
Noki
my accountant told me (when I owned my bldg in Park Slope and had tenants) that one couldn’t deduct all their expenses and depreciation loss if they made more than $125K as stated income
Thank you Slopey and Dibs. And Gemini, please explicate?
I’m very impressed with this owner’s taste in color. That turquoise they used above the picture rail in the photo above is really great…..
http://bstoner.wpengine.com/forum/archives/2010/01/howdoyaall_like.php#comments
Dave, you’d not be surprised in the LEAST if you had ever born witness to me in a math class or finance class of any kind.
It is a rather pathetic thing. Like watching my futile attempts at understanding football. I try. I truly, truly do.