All Forum Posts by: Huy N.

hey @XAVIER FOSTER ,

You are not the only 25 years old here so don' be shy. There are lot of young investors just like us around. make yourself home, ask lot of question and go do your 1st deal!

Hi @Steven Hamilton II ,

I e-file my 2012 return.

I always provide appliance to make my tenants happy. I believe you can get higher tenant quality that way as well

Thanks

Huy

Update: This is the CP2000 Notice..any advice appriciated!

Hi @Duncan Taylor ,

Thanks for your prompt reply!

Yes. This is just the letter for balance due, not audit notice because i honestly forgot to report one of the W2. I changed job so much during that year. they just sent me a bill and ask me to pay.

I guess i will just go ahead and pay then. the interest and penalty is not that much. only 3% more from what i should have paid back then.

Is there like a tagging system internal in the IRS to tag and watch people who received bill letter and audit notice after their 1st time? any ex-IRS agent here to answer this question? :)

Houston tax is around 3 4% @Jared Anderson , but like i said, my PITI is less than 600$ with a 30 years mortgage at 4.99% so it is working out well so far.

Sure, let me know when you come over! This is back in the golden day when the market has not yet recover @Chad S. It is very tough right now. House like this will cost you around 110k

Hi @Duncan Taylor

What if you did make a mistake and the number they bill you is correct? Should you go ahead and pay?

I don't want to give the IRS any indication of sloppy record keeping. I still want to stay under the radar after this. i was actually billed 3200$ yesterday for a mistake that i did not make on purpose.

Thanks

I would keep cash for next property. The more you can manage to leverage the better. Using your own money will drive down the cash on cash return.

Just keep in mind not to over leverage. when you have vacancy or unexpected events. you will need the reserve cash.

Hi fellow investors,

This is not related to real estate. However, i received a tax bill from the IRS in the mail yesterday because i had some unreported W2 and retirement income back in 2012, and i actually do.

When i moved from the old job i took out the retirement money. it was taxed already so i thought i don't have to report it again. my old employer also sent me a W2 for a month which went to the old address and i never received it.

Now i am facing the tax bill of 3200$, including penalty and interested. Is there anyway i can call the IRS to tell them this is an honest mistake and ask them to lower the bill? Has anyone failed into this situation before?

Any advice will be much appreciated!

Thank you

Huy