All Forum Posts by: Bryan R.

Unless you chose some other tax treatment for the LLC it will just pass through. Any gain will be taxed as ordinary income at your marginal tax rate. Don't forget about SE taxes.

@Brian McWethy

You can likely put in new flooring for less cost, depending on what quality you are looking for. 

However original hardwoods are a desirable feature among buyers. I always keep and refinish existing hardwoods if possible.

55k spread. Looks pretty slim.

Markets getting a little ridiculous. I can sell anything I've got instantly. But buying is equally hard. Frankly I would like to see things cool down a bit.

@Jeffrey Messee

In your neck of the wood I'd check out Inland Capital.

https://www.biggerpockets.com/forums/311/topics/209586-pre-foreclosures-in-wa

Congratulations on the acquisition. Was this at the Kitsap trustee sale yesterday?

1. Mail and post notices pursuant to RCW 61.24 and RCW 59.18

2. Treat property as required by RCW 59.18

Basically you need to mail and post some notices. Then you're required to store property for 45 days if collective value is >$250. 7 days if less than $250.

For vehicles there is a process to acquire title, but in my experience unless it has some significant value it isn't worth the hassle. You can generally call any tow company and they'll take it away for free.

That guy's story doesn't fit with the property records.

You want to put more process and restrictions on real estate transactions? If you're uncomfortable buying a property AS IS then don't buy it. Pretty simple solution that doesn't need any legislative involvement.

I can't find much discussion of this, which makes me suspect I haven't actually stumbled onto some magical tax loophole. But what discussion I can find seems to indicate it applies to some real estate activities. Hoping the BP brain trust can enlighten me.

From the Journal of Accountancy on "Maximizing the Section 199 Deduction"

And the most relevant section:

Here are some additional links I found:

Home Builders Safe Harbor in Code Sec. 199

Section 199 Real Estate Developers Stake Your Claim

Section 199 as it applies to Construction and Real Estate PDF

Court ruling on Substantial Renovation

@Steve Hamilton