All Forum Posts by: Jeff Nichols

I have about a month left before I'm done with the remodel of a flip and I already have a buyer ready to sign contract. I'm selling without a RE agent and doing it FSBO. Any ideas on how to structure the contract? I just don't want to forget something and later wished I had included it.

Thanks Jeremy and Bob

I guess I was trying to overthink it. Thanks for the advice

I'm purchasing a house to flip in Tennessee and I have a partner who will be funding the purchase of the property who lives in Florida. We've agreed that I will do the rehab and he the funding for a 50/50 split of the profit. Is there a way to structure the partnership that would put both of our names on deed without creating an LLC? Tennessee doesn't have personal income tax but if we create an LLC we would have to pay state income tax. I'm trying to keep from paying state income tax in the proceeds of the house.

So time is running out to lower my taxes next year. I've done a couple flips this year that I plan to expense the rehab costs but I was wondering if there are any other things I can do to absorb some of the taxes. I own a small painting business in addition to being on staff at a church part time leading worship. I don't have any retirement so I was considering opening either a self directed IRA or Solo 401k. From what I read that would be deductible dollar for dollar. I'm just curious what would be the best route to go?

How soon can I use rental income when getting a mortgage. Can I use projected income or does house need to be rented already?

Earlier in the year my employer submitted my information for my w2 but it had an error on it.  By the time it was noticed we were in the middle of the Covid crisis and the IRS was backed up.  Because of that my employer wasn't able to get the W2c Form from the IRS until after July 15th making me have to file for an extension.  The W2c Form finally came in from IRS and the corrected information was sent in via USPS.  I typically file my taxes using turbotax and file electronically because I've only done one flip up to this point so there isn't a lot to preparing my taxes.  Will I be able to file electronically or will I have to mail it in?  If I am able to file electronically will I have to wait for the correction to process with IRS before filing and if so how will I know that it has been processed?

I just noticed I

misspelled tool.  oops

I just put all the information into the flip tool but when I get to the end there is no response when I click on the "Finish Analysis" button.  Am I doing something wrong? Is there a glitch.  I'm on 2015 MacBook Pro with Catalina OS.  

Thanks. That makes sense.  

I purchased a home to flip in 2019 but sold it in early 2020. I did most of the work and purchased most of the materials and supplies in 2019. How would I expense the profit in 2020 when the receipts are from 2019?