All Forum Posts by: Account Closed

@Nicholas Benoit I do. Remotely across the US but also locally here in Charlotte. 

@Daulton H. Good question! @Mohammad (Asad) Asaduddin

First of all, make sure you have a separate bank account from all personal expenses. You can get granular and have an account for each property within QuickBooks Online.

Even if you have just one bank account for rental activities you can set up "Classes" and have each property be a class. 

That way, when you reconcile each month, you can categorize each transaction (repairs, paint, cleaning, etc) and classify each transaction to a property (123 Main Street, 123 Easy Street). 

@Aaron Hunt Good question. One basic principal of gift tax is that the donee (yourself) will never owe gift tax. Gift tax is paid by the donor (in laws) but only once the life-time limit has been exceeded. With proper planning gift tax can be avoided through use of the annual exclusion ($15,000 per person, per recipient in 2018, first increase in 5 years).

There most likely will be tax consequences if you sell after receiving the gift depending on the original basis (purchase price) of the donor. 

@Nicholas Benoit Welcome to BP! 

Some resources I've enjoyed:

Podcasts

Episode 108 - Grant Cardone... Just listen…

Episode 283 Paul Thompson - Quite a new episode but I would think everyone would agree this is a top episode. Mainly, the systems implemented are fascinating (VA, automated offers, etc.) Plus...escape velocity...

Episode 113 – Jay Papasan - Very practical slow and steady advice

Episode 221 - Tim Shiner - his concept of equity build up and "shearing the sheep" shows some of the flexibility of real estate vs a 401k

Last but not least, I also recommend all the tax advice given by my fellow CPAs on the BP Podcast.

Amanda Han

Brandon Hall

Tax Reform Update – Brandon Hall and Amanda Han

Linda Weygant

Guides

Ultimate Beginners Guide

Forum Stickies

BP Calculators or spreadsheets uploaded by members

My Favorite Books

I have to say all of the BP books…right? :)

The Millionaire Next Door

The Millionaire Real Estate Investor

What Every Investor Needs to Know About Cash Flow

Hope this information can give you a good start. Feel free to reach out with any questions. 

@Kenneth Foster Welcome to BP! I grew up in GA and played football against Statesboro High. I'm sure you had a few teammates from there at GSU. 

Some resources I've enjoyed:

Podcasts

Episode 108 - Grant Cardone... Just listen…

Episode 283 Paul Thompson - Quite a new episode but I would think everyone would agree this is a top episode. Mainly, the systems implemented are fascinating (VA, automated offers, etc.) Plus...escape velocity...

Episode 113 – Jay Papasan - Very practical slow and steady advice

Episode 221 - Tim Shiner - his concept of equity build up and "shearing the sheep" shows some of the flexibility of real estate vs a 401k

Last but not least, I also recommend all the tax advice given by my fellow CPAs on the BP Podcast.

Amanda Han

Brandon Hall

Tax Reform Update – Brandon Hall and Amanda Han

Linda Weygant

Guides

Ultimate Beginners Guide

Forum Stickies

BP Calculators or spreadsheets uploaded by members

My Favorite Books

I have to say all of the BP books…right? :)

The Millionaire Next Door

The Millionaire Real Estate Investor

What Every Investor Needs to Know About Cash Flow

Hope this information can give you a good start. Feel free to reach out with any questions. 

@Chris Beck Welcome to BP! 

Some resources that I have enjoyed:

Podcasts

Episode 108 - Grant Cardone... Just listen…

Episode 283 Paul Thompson - Quite a new episode but I would think everyone would agree this is a top episode. Mainly, the systems implemented are fascinating (VA, automated offers, etc.) Plus...escape velocity...

Episode 113 – Jay Papasan - Very practical slow and steady advice

Episode 221 - Tim Shiner - his concept of equity build up and "shearing the sheep" shows some of the flexibility of real estate vs a 401k

Last but not least, I also recommend all the tax advice given by my fellow CPAs on the BP Podcast.

Amanda Han

Brandon Hall

Tax Reform Update – Brandon Hall and Amanda Han

Linda Weygant

Guides

Ultimate Beginners Guide

Forum Stickies

BP Calculators or spreadsheets uploaded by members

My Favorite Books

I have to say all of the BP books…right? :)

The Millionaire Next Door

The Millionaire Real Estate Investor

What Every Investor Needs to Know About Cash Flow

Hope this information can give you a good start. Feel free to reach out with any questions. 

@Christopher Costa Welcome to BP! I was in the Kennesaw area for a year. Some great 3/2 neighborhoods at the time. However, prices have definitely gone up since then (2014).

Some resources I have enjoyed:

Podcasts

Episode 108 - Grant Cardone... Just listen…

Episode 283 Paul Thompson - Quite a new episode but I would think everyone would agree this is a top episode. Mainly, the systems implemented are fascinating (VA, automated offers, etc.) Plus...escape velocity...

Episode 113 – Jay Papasan - Very practical slow and steady advice

Episode 221 - Tim Shiner - his concept of equity build up and "shearing the sheep" shows some of the flexibility of real estate vs a 401k

Last but not least, I also recommend all the tax advice given by my fellow CPAs on the BP Podcast.

Amanda Han

Brandon Hall

Tax Reform Update – Brandon Hall and Amanda Han

Linda Weygant

Guides

Ultimate Beginners Guide

Forum Stickies

BP Calculators or spreadsheets uploaded by members

My Favorite Books

I have to say all of the BP books…right? :)

The Millionaire Next Door

The Millionaire Real Estate Investor

What Every Investor Needs to Know About Cash Flow

Hope this information can give you a good start. Feel free to reach out with any questions. 

@TeErinn Chenevert Becker will be great. Study hard!

@Harsha K. I've worked with Mike Hege at Pridemore Properties. He primarily works with residential/retail buyers but will work with serious real estate investors. 

@Nick Causa This is correct your excess passive losses will be carried over. However, it may just be semantics but you still should see the deductions for your rental property, just not against your active income (W-2).

For example, in your situation, line 26 of Sch E (2017 Forms) should be 0. If you bought a decent property you should be receiving income that is most likely being shielded or deferred by line 18, depreciation. 

Now, if you follow this all the way through to page 1 of your 1040, you should see 0 on Line 17. All of which is a good thing because if you bought right you were cash flow positive but reported no income on Page 1 of your 1040. Any excess losses are carried forward. 

Lastly, those are pretty large tax bills to come out of pocket. Are you underwitholding? I'd recommend updating  your W-4 so you're in an overpaid position. It's not fun to give the government an "interest free loan" but I find it another forced savings account and less stressful during tax time.