Q. I'm moving to San Francisco and renting out my Fort Greene condo. Do I have to pay income taxes on the rental payments I get? And how can I minimize the taxes I do have to pay—should I set up an LLC?
A. Yes, you’ll have to report the income you make from your tenant, but a LLC is probably not the way to go, our experts say.
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UPPER EAST SIDE, MANHATTAN: 1-bed, 1-bath co-op at 178 East 80th Street (between Third and Lexington). $650,000 + $1,226/mo maintenance.
If you're looking to buy in NYC on a budget of $650,000, you'll find a lot more co-ops than condos at your disposal, and of course, more one- and two-bedrooms in your price range than, say, quaint outer-borough brownstones (those days are long gone, unfortunately). Still, you've got plenty of options, and in the interest of making things easy, we've combed the listings for good options that fit your budget in all five boroughs.
In a well-designed closet, all possible space is used and everything is visible and accessible
Sometimes you think your closet is working as hard as it can, and then you realize there might be more real estate to exploit than you previously thought. This decently sized, Lower East Side walk-in, belonging to Fiona Byrne of the lifestyle blog The Byrne Notice, seemed to be set up efficiently (even if it was packed), with a hanging section for shirts and pants, shelves for tops and shoes, plus other storage solutions for accessories. But a makeover by the Container Store, showcased in Refinery29, made everything that much more visible and accessible. Here, the best tips to takeaway from this wardrobe revamp:
Even for a tenant with a regulated apartment, living at the top of six flights can take its toll after 25 years.
We often receive emails from readers asking for help in navigating their own real estate crises. In Realty Bites, we try to get them answers.
Sometimes climbing six floors to your front door just isn't worth it—even with a sharp discount on the rent. We recently heard from a reader who's been living in a rent-stabilized apartment on the sixth floor of a former tenement building for the past quarter century, and is ready to get out.
"Climbing six flights of stairs for 25 years has taken its toll on me, combined with typical physical wear and tear, carrying heavy bags upstairs for years, etc.," she writes. "I am now suffering from serious hip and knee deterioration which is extremely painful." After a recent MRI, she's learned that she needs surgery, and won't have anyone to take care of her (or a way of actually getting back up the stairs) after the operation.
Skylight, above left, and Doorsteps Swipe, above right, are bringing Tinder technology to apartment listings.
Updated, 12:21 p.m., with a comment from Doorsteps: Tinder and its quick-swipe way of approving potential hook-ups may have captured the hearts (or loins) of unattached New Yorkers, but are city dwellers ready to apply that same approach to the apartment hunt?
At least two new-ish smartphone apps are betting yes: Skylight, which launched earlier this month, and Doorsteps Swipe, the mobile extension of the online buyers’ resource Doorsteps, which launched in April and added rental listings about a month ago.
New furniture, new paint, new address! Five New Yorkers share their city living woes and tell us what they'd do about it, if only they could:
Out with the new, in with the old: I would love some new furniture. Everything in my apartment comes from Ikea, and I’m tired of it. Or, at least some new Ikea furniture that doesn’t have square, blond faux wood legs. My place is like a badly designed showroom. I wish I had some old pieces to mix in, but I can't afford vintage furniture just yet! - Marianne, Morningside Heights
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