Entity Structure Questions & Answers (Part 2)
Friday, June 01
This is the second of a four part series of Questions and Answers related to entity structuring.QUESTION: A few years ago I entered into a partnership with my brother and a couple of friends. We purchased a single family house to rent out. We (over)paid around $127,000 for the house. The property...
Entity Structure Questions & Answers (Part 1)
Friday, May 25
Selecting the right entity structure for your real estate deal can mean the difference between building and losing incredible wealth. It's vitally important to incorporate correctly to protect yourself, your assets and your wealth. I get a lot of questions about entity structuring, particularly o...
How to Pick the Right Real Estate Strategy for Your Lifestyle
Friday, May 04
Choosing a real estate investing strategy can be a huge dilemma, especially when you are just starting out. Should you invest in short sales, note sales, or flips? Should you invest for cash flow or appreciation? Do you invest in your home town or nationally? Trying to decide where to start can b...
IRS Audit Prevention Tips
Friday, April 06
There are many ways to reduce your chances of being audited by the IRS. As we've discussed in previous articles, the IRS has red flags for certain industries and tax filing behavior. Unfortunately, real estate investors and business owners stand a far greater chance of being audited than their sa...
Keep More of Your Money this Tax Season
Friday, March 02
The Difference Between Tax Preparation and Tax PlanningTax preparation for the March 15th or April 15th return is not considered advance tax planning. It is merely tax compliance as opposed to voluntary tax reduction planning. Though returns aren't due until April, they cover a tax year that ends...
The Importance of Entity Structures and Recordkeeping
Friday, January 19
If you don't plan accordingly for your investing goals and choose the correct entity structure, the taxes will definitely hurt your bottom line in a big way. As a real estate investor you need to stay updated on which entities are on the IRS hit list. Recordkeeping also plays a big part in wealth...