I swear
Posted on February 24, 2006 - Filed Under Business |
I must be the weirdest person alive.
SFX: Cell Phone Rings
Clifford: (Driving on the 5 freeway) "Hey Real Estate Agent!"
Real Estate Agent: "You’re on your way to get your taxes done?"
Clifford: "One day, you’ll explain to me how you know all this stuff. Yes I have a meeting in about 15 minutes."
Real Estate Agent: "Do you have your closing statement?"
Clifford: "No. Is that important?"
Real Estate Agent: "It’ll be on the fax machine when you get there."
Clifford: (Grinning like monkey on crack) "This is fun!!"
My head was bopping to "Pick up the Pieces*", which is still a great song, while I was meandering down the 5 freeway. I can’t explain why I was happy to get my taxes done but I was. I think it was more bragging rights than anything. So far, my luck at assembling a "team" has been pretty good. Now I was about to bring a new person to the team . . . my tax guy.
Yes, I’ve had a few people from time to time do my taxes but never, ever have I had my taxes really done. Not by a professional guy. Not where I would have a pile of receipts that someone would have to wade through in order to determine what I could write off. I had the receipts from the yard clean-up, all the interior work on the second house, all the exterior house painting, all the yard-work . . .
After an hour with the Tax Man, he shook his head and said "I’ve never worked with someone who was happy to get their taxes done."
My response: "This is great!"
I learned a few things while I was there that will help me in the future.
- Keeping all the receipts is important. I just have to worry about separating them into a few categories. One is for the rental house, the other is for the primary residence. That’s it. But keep ALL the receipts! Even the washer and dryer are deductible (for 2006).
- I can’t write off the improvements to the primary house at this time. However because my property is considered investment property, I can write off any improvements once I sell the property.
- For all you Rich Dad reader’s, this one is for you. It feels sooooo good to be operating in the B and I quadrants. All of these write-offs make it definitely worth while.
I am waiting now for the refund to be deposited into my checking account.
Do a little dance;
Make a little love;
Get down tonight!
* - by Average White Band. Not that Kenny G imposter!
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One Response to “I swear”
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I think you’ll find, as I have, that tax time is a special time for real estate investors. I never before thought taxes would be enjoyable! I’m not into cheating on my taxes by any means–it’s just fun hearing the accountant say, “Boy, you sure have a lot of deductions!”