Author: George Skidis

Tax Season Alert for Real Estate Investors By George Skidis Before you know it, April 15th will rear its ugly head.  You and your income tax preparer need to determine whether you qualify as a “real estate professional”, an “active participant”, or a “passive real estate investor.”  Knowing the difference can save you thousands of dollars on your income tax return. Three Important IRS Classifications for Rental Real Estate Investors.  To qualify for different levels of tax benefits, the IRS uses specific definitions: Active Participant You must own at least 10% of the rental property and be involved in “bona…

Water Leaks and Headaches by George Skidis If you have ever had a high water bill you know how frustrating tracking down the issue can be. We have and tracking down leaks in a mobile home park is excruciating. According to Illinois American Water a typical household leaks almost 10,000 gallons of water every year. That is enough water to wash 300 loads of laundry. Here are some tips to help you figure things out. Locate and red tag the main shut off in the house. Teach ever family member or tenant where it is to shut things down in…

Disaster Preparedness By George Skidis Disaster Preparedness was on everyone’s mind recently as Hurricanes Harvey and Irma made landfall in the Southern U.S.  Hurricane season runs June through November and it’s always prudent to know how to deal with the aftermath as well as what important steps to take beforehand.  Obviously, safety should be our greatest concern whether we’re sitting in Illinois, Texas or Florida. Having spent 30 years as an insurance adjuster, I would offer and encourage everyone to follow these safety tips to protect themselves and their property in the event of any natural disaster. If you are…