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All Forum Posts by: Amanda Malson

Amanda Malson has started 2 posts and replied 5 times.

Tax, SDIRAs & Cost Segregation

Post: Out Of State Investor

Amanda MalsonPosted
  • Interior Designer
  • Costa Mesa, CA
  • Posts 5
  • Votes 1
Originally posted by @Steven Hamilton II:
Originally posted by @Amanda Malson:

I have a business partner who lives in Texas and would like to invest 150k into a house flip in California. Does anyone know if he would have to pay CA & Texas Income tax on any profit made??? Any other taxes required to pay besides capital gains??

 He would pay tax to CA on the income from there.  TX has no state income tax.

 Thanks Steven! 

To be clear, He would pay CA Federal Income tax & CA State tax. Are there any other taxes he would incur on a flip transaction? No capital gains? 

Thanks for your help! 

Best, Amanda

0 Votes
Tax, SDIRAs & Cost Segregation

Post: CPA Referal in Orange County, CA 92627

Amanda MalsonPosted
  • Interior Designer
  • Costa Mesa, CA
  • Posts 5
  • Votes 1

Looking for a good CPA in Orange County. Anyone have any referrals that specialize in real estate investment?

Best, 

Amanda

1 Vote
Tax, SDIRAs & Cost Segregation

Post: Out Of State Investor

Amanda MalsonPosted
  • Interior Designer
  • Costa Mesa, CA
  • Posts 5
  • Votes 1
Originally posted by @Dave Toelkes:

@Amanda Malson,

As a general rule, flip income is ordinary self-employment income, not capital gains.  The federal taxes will be ordinary income plus self-employment income taxes.

 Thanks for the info Dave!!! 

0 Votes
Tax, SDIRAs & Cost Segregation

Post: Out Of State Investor

Amanda MalsonPosted
  • Interior Designer
  • Costa Mesa, CA
  • Posts 5
  • Votes 1

Thanks!!!  @markcreason and @jayhinrichs

Would he have to pay CA Income Tax & CA State Tax as well as Texas income tax?? OR would he just pay the CA?

0 Votes
Tax, SDIRAs & Cost Segregation

Post: Out Of State Investor

Amanda MalsonPosted
  • Interior Designer
  • Costa Mesa, CA
  • Posts 5
  • Votes 1
I have a business partner who lives in Texas and would like to invest 150k into a house flip in California. Does anyone know if he would have to pay CA & Texas Income tax on any profit made??? Any other taxes required to pay besides capital gains??
0 Votes