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Jim Cunningham's Full Profile
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Name |
Jim Cunningham |
| Email Address |
Members Only - Join Now |
| City, State/Province |
Geneva, IL |
| Country |
US |
| VR Listing/Website |
www.MyGalenaVacation.com |
| Telephone |
630-208-0071 |
| About My VR Property or VR-Related Business |
| Our 5 bedroom, 5 bath newly constructed vacation property is located in the picturesque northwest corner of Illinois known as The Galena Territory. We are located 12 miles east of the town of Galena, better known as the home of Ulyses S. Grant and 8 other Civil War Generals. The rolling hills and beautiful landscape will put you into harmony with nature. You will feel your stress melt away as you experience The Galena Territory! |
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| Words of Wisdom for VR Owners |
| Keep track of ALL the expenses incurred in operating your property. While it can be a challenge to attain a positive cash flow from a vacation rental, it's smart to maximize the deductions available to you in order to (hopefully) achieve a positive cash flow AFTER TAXES!
Utilize cost segregation by allocating some of the property's purchase price to asset categories that allow you to accelerate depreciation deductions. Categories like personal property (furniture, small wares, etc) and land improvements (landscaping, fences, sidewalks, etc) can be written off over 5 yrs and 15 yrs respectively (compared to 27.5 yrs for the building). |
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| Other Passions, Interests, and Pursuits |
| I am a self-employed CPA with a focus on creative tax planning for business owners and real estate investors. |
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