All Forum Posts by: Jeremy Kalaf

Welcome to the Forum and a new venture in Real Estate.  I'm in Oneida County, and have been doing creative real estate, wholesaling and wholesale to retail deals for the past 2 years part-time.

Where do you want to start learning?

(New in Upstate New York)

Ok, so last year, my income was reported as self-employed.  I used Turbo Tax.  It was sweet, and easy.

Now I am creating an LLC this month. Does this mean that my income and expenses are no longer filed as self-employed? I will be the owner of the LLC. How does my filing change if I still have a full-time job, and invest part-time?

If it matters, most of my deals are short term gains. I am going to do a 2nd LLC for long-term holds.

Thank you.

If I have a property under contract, and assign to another buyer for $10000, can I use that money with a 1031 exchange to purchase land/home for myself (or put towards a down payment)?  Or can money earned from assignments have to be taxed at the normal rate?