All Forum Posts by: Lance Lvovsky

If you want post a screenshot of the closing statement. But generally you will have a debt for your property. Most closing costs such as title and government recording charges get capitalized. You might have some that can be expenses. Real estate taxes are usually booked as a credit if you got a credit for it "real estate taxes unpaid by seller". And you would have a credit to your loan too. It is hard to tell you for sure how to book your opening entry without seeing the closing statement.

You will need to file a 1040X. I recommend you get with a CPA who can help you correct your taxes and bring you in compliance. Ideally you want a CPA who also invests in real estate so that s/he can best help you.

MECU credit union does HELOC on primary residence up to 90% of appraised value.

Does your father in law have a taxable estate? For 2016, taxable estates are over 5.45 million. There are several ways to get the asset out of his estate and it will depend on what he ultimately wants to do. From a selling perspective, seller financing will spread out any gain (if there is one) over X number of years. Of course structuring seller financing is one way to get the asset out of his estate

If you take a screenshot of your HUD, I will let you know the j/e you need to book. But more than likely if you are debiting the amount of "cash to seller", then the expenses above will need to be debited as expenses and credit to cash

I am interested too. Josh - I will send you an email

Stephanie Cabral how did you get a conventional 30 year loan in an LLC?

I use Tvalue to track seller financed loans for my clients

A good online tool to track your net worth is Personal Capital. And yes a CPA can certainly track your net worth for you

Welcome to the community Daniel Ricci I live in Davie as well (near Nova on University) and look forward to connecting with you