All Forum Posts by: David Coffee

Quick Question:   If I buy a house with cash; Am I able to write that purchase off on my taxes.   I understand that each situation is different BUT I'm just wondering if that is something that is possible.  Thank you

I'm wondering the difference in the taxes on a flip that is done in 1 to 3 months and a property that you hold for one year and then sale.  Do you pay higher taxes on one or the other?  If so, what are the tax percentages?  

Hey there! As a Real Estate Investor can you write off your Car expenses if you use the car for multiple businesses?

EXAMPLE: You use the car to look for potential flips, business trips and to go to business meetings; BUT you also use the car as a DOOR DASHER on the side.  

Question:  Can the expenses or mileage from the car be written off for both businesses? 

Questions:

1. If you invest with someone and they are the one doing the leg work; How do you divide up a profit? Example:  Let's say I invest $40, 000 on a deal and my partner invest $10,000 on the deal but they are doing all of the legwork and I'm only giving the money: When we sell the property: how is the profit divided up? What's fair from a percentage standpoint?

2.  After I receive my profit: is there a document given during the sale of the property that I have to report on my taxes or is it my responsibility to report what my profit was from the deal?

When you purchase property in a different state than where you live: do you have to form an LLC in that state? ( Assuming that you want the property owned by an LLC

Excellent! Thank you so much for your help

Question:. If me and my wife start an LLC for our real estate: Are we able to File taxes as a single member LLC instead of a partnership since we are married? . (We are in the state North Carolina)

What are the Tax advantages and disadvantages to owning Real Estate in an LLC ? Are the Tax benefits the same as if you own it as an individual; especially if it's a single member LLC?

Thank you so much! Just for clarity purposes: If our LLC is operating from our home; will we still get the same tax write offs like we did as a Sole Proprietor (home based business) ? Does the LLC cancel the write off opportunities that you get from being a home based business?

Hello, I am reaching out because I have a few questions about taxes and an LLC:

1st. For Tax purposes; is it better to start a Single Member LLC if you are a married couple and your business is a Home-Based LLC? ....

2nd.. What would be the major difference if me and my wife are both members of the LLC or if only ONE of us were members? How would that impact how we file and how would it impact the benefit that we would get or NOT get as a home-based business? ..

3rd..  Would the business file a separate tax return? and how would we report our income if we are both members?  ... 

Thank you so much for your help. #TaxQuestion #LLC