All Forum Posts by: K F.

@Dan DiFilippo why do you even comment if it's going to be rude? So unhelpful. 

@Wayne Brooks thank you, this is the most straight forward answer I appreciate it.

@Jack Faysash yeah, at the end of the day our CPA wouldn't let us do that if it was fraud. I'm just asking questions and trying to see options. I'm still learning, taxes are complicated and I know there are loopholes and things that people use. 

@Carlos Ptriawan haha yes, seems that way. I don't remember what I listened to but it confused me. Tax Free Wealth is on my to read list. Thanks for your input.

@Ashish Acharya thanks, can you help me understand better some ways to offset profits from a flip? I thought it had to do with the down payment on an investment property, but now I'm being told it is actually the expenses from the property such as improvements and maintenance. 

@Carlos Ptriawan Oh interesting, I didn't know that was a strategy. I think I am confused on how offsetting works. This is our first flip and we are trying to figure out how to offset our gains while also figuring out how to move in closer to the city and eventually gain another property from that. 

@Joe Martella It's a complicated situation because we want to buy in a city that has a moratorium at the moment, and it is impossible to rent the property immediately. We need to move anyway, so we would like to move there until the moratorium is up and then rent it out. Just trying to think creatively, but definitely don't want to break any laws or commit fraud. That's why I'm asking here if anyone has any ideas!

Well this is the thing, it's not completely faking it. My relatives would be living with us there some of the time. 

Hi Everybody! I need to get a question answered ASAP because my accountant isn't getting back to me, so I figured I'd try out asking the BP community. We would like to make an offer on a townhome that will eventually be an investment property. We would like to live there for a year or two and then rent it out. My question is this, we did a flip this year and profited around 130K and need to buy an investment to offset that profit. Can we make this property count as that if we fake a lease with a relative and keep our address where it is? 

We will be putting 25% down on this property and all the numbers work perfectly to cash flow $700+/month. 

What are our options? Thanks!

@Destry Brink I sent you a DM!