All Forum Posts by: Jefferson Gan

I know how much stress you went through with the tenant but going to that level of defamation will not be way to go in my opinion. Probably have all agreements in a contract that if any tenant have done that, you can get financial cost incurred in repairs be reimbursed to you.

Just charge it to experience and move on.  Always think what you do to others comes back hundred folds returned by universe. 

In this business, I think we cant have our emotions run us through, no matter how mad it can be unfortunately.

@Daniel Chovnick in Keansburg. All inside needs to be redone, Electric, Plumbing, Roof, Basement, drywall, appliances, boiler etc..

Hi,

   Wanted to ask if anyone has a good contractor contact in Monmouth County in NJ? Or if any contractor in BP that is doing work in Monmouth County NJ?

--Jeff

Hi @Nicholas Aiola, this question has came up in some of sellers. If they will sell property on a Lease Option or Subject To Existing mortgage, are the mortgage payments still be declared in the Seller's tax return? Then also for Tenant Buyer who will be occupying the property, will the monthly payment they are doing treated just like they are renting an apartment. Can't remember if Rent costs can be tax deductible? 

@Ryan Saulle Thanks for the PM.

Hi Ryan, Great job!! Awesome rehab. Can you also please PM me the HML contact that you have. Yours seems ok. Mine charges more. Then how much did it cost for oil tank removal and what city in Monmouth county is this? Is it below or above ground oil?

@Nicholas Aiola Thanks a lot! Yes it was intended for flip since day 1. Ok so all of this business related taxes can just be filed in our personal joint income tax return. Regarding the partnership tax return with me and LLC1, is that a separate tax return other than personal joint income tax return?

@Nicholas Aiola Thanks for having this Forum/Topic to help everyone that has tax question. I have following question

1. We have an NJ LLC let's name it LLC1 that hasn't made profit as of 2017 yet. Then we plan to report loss for the expenses made to all the education, operation cost for Virtual Assistant, Coaching program etc.. LLC1 purchased property for rehab on 2017. But we were able to sell the property and earn some profit on early 2018. Q1: Can we move the loss incurred on 2017 to 2018 and offset it for the tax of profit made to 2018? What's your recommendation on how we declare this profit/loss?

Q2: The out of pocket money that we used to purchase this property on 2017, is that a deductible against the gross profit, just for example: 45K gross profit then and purchase money was 20K out of pocket, rest is HML money so the one to be only taxed is the 25K ?

Q3: Should we file this business tax separate with our personal tax filing? My wife owns LLC1. There is no employee, there was just one partnership LLC2 is owned by LLC1 and me.

Q4: Follow up on Q1.. We structure the business LLC1 + me owns LLC2. LLC2 bought that rehab house. It will be 50/50 profit share. LLC1 has more expenses due to Mentoring, education, VAs, Marketing. LLC2 is just used for rehab. LLC1 is the marketing arm. What's best way to declare tax on these two LLCs? Not sure also if LLC2 will declare the profit since it will be profit shared to LLC1 and me. Don't want to be double taxed on LLC2 and (LLC1 and me as well due to profit share).

sorry for lots of questions :)

Thank you in advance.

--Jeff

@Jason Sylka Awesome job! And welcome to BP. Nice to see another fellow IT in NJ and doing real estate. Your tool will be very helpful for everyone. Thanks for that tool. Bookmarked!!

@Gerold Koch. How much did it cost you? I am also curious the current cost of oil tank sweep.