All Forum Posts by: Suzi Curtis

Hi,

I've never done this before.  We got lucky and purchased our first rental home a year ago.  We have been renting it short term as a vacation rental and it has been a great investment: after all expenses it will net profit $15-$20K this year.  Yes, it is a lot of work because I manage the bookings and do the cleaning.  The market is nuts in our college town and we could now sell the house and make $120,000 in one year.  I would like to take the money and reinvest into another fixer upper.  What advice do you have?  Keep the rental and continue to work it for a long term investment or sell it, take the cash (less capital gains, 366 days of ownership) and reinvest into flipping (which is what I love to do).    Thank you for any and all advice!

Hi,

Helping my father here.....He was a Hard Money Lender (private lender) and is now being audited by the IRS.  The IRS is saying his business is not a small business, that he must have a license and he cannot take deductions related to his lending.  He was loaning money to developers, not private residences.  

Is this true?  

Thanks for any help you can provide!  He feels beaten down by the IRS but doesn't feel like he has broken any rules.

SHC