All Forum Posts by: Marcin G.

 That's why you want to file the last minute. some time in April. by that time they have their picks already.

Lets say I flipped one property in 2014 and I am in the middle of another flip.

In 2014 I bought a SFR X for 35K, put 30K (all in labor/material/holding costs + selling cost such as cost of closing attorney, escrow etc) and sod for 95K. in 2014 I also bought another SFR Y for 40K put 30K and did not sell in 2014. It is under contract to close on Feb 2015. All expenses were incurred in 2014

lets say I have created an LLC for the purpose of flipping. Now when it comes to schedule C. I shall put 95K in gross receipts of sale. Further I will put 65K in costs of goods sold to arrive at gross income of 30K.

now when it comes to account for my inventory at the year end I will do the following :

Purchases less cost of items withdrawn for personal use = 35K+30K+40K+30K = 135K = all the investments in 2014 – both properties combined + all labor/material/services/purchased etc

Inventory at end of year 2014 = 30K + 40K = 70K = SFR Y that I did not sell in 2014

Cost of goods sold.. = 65K = this should tie my previous COGS I already reported as my sale.

Do I need to break down the costs further on my tax return? I will send around 15 1099-MISC to my sub-contractors, have hundreds of HD receipts etc …it is hard to imagine the whole reporting takes 2 pages on my tax return schedule C? am I missing something ?

all the detailed calculations are done in excel.

 thanks, I am talking about washing machine not dishwasher but the concept is the same I think. I will try

 if I do that I might as well come back to cozy, protective 9 and 5 and see other folks get rich in real estate. if there is a leak you will see that. it is not hidden in the walls. I am not talking about sweating copper lines myself. this is is simple plug and play...;-) all I need is proper parts and a little teflon tape.

How would you connect a washer to the 3/8 compression line ? the washer needs to be installed in the apartment – the only source of water is 3/8 compressin under the sink

I believe washer line is ¾”

http://www.homedepot.com/p/Watts-3-4-in-x-3-4-in-x-5-ft-Stainless-Steel-Washing-Machine-Hoses-2-Pack-2PBSPW60-1212/100038496

now I am looking for some kind of transition to go from ¾ to 3/8 compression.

Would it be better to pick up 3/8 compression to ½ FIP first – standard water line

http://www.homedepot.com/p/BrassCraft-3-8-in-Compression-x-1-2-in-FIP-x-16-in-Braided-Polymer-Faucet-Connector-B1-16A-F/100056596

and then go from ½ FIP to ¾ ? I appreciate any ideas. 

 google Climate Guard, Advance windows or New Era 

that helps - thanks a lot

thanks all for your help. I guess I will go with 120V dryer then

http://www.homedepot.com/p/GE-Spacemaker-3-6-cu-ft...

I have that type of 220V in my wall (I live in condominium).

http://www.homedepot.com/p/Cooper-Wiring-Devices-Commercial-Grade-20-Amp-Straight-Blade-Single-Receptacle-with-Side-Wiring-White-1876W-BOX/203492426

I use that outlet for my wall AC unit. I would like us that outlet for my new electric dryer

http://www.abt.com/product/71600/Maytag-MEDC300BW.html

I think I will need to do some magic with the cable to make sure it works. Is it even doable? I see that both cables that I can buy with the dryer have different plugs

http://www.abt.com/product/49641/Whirlpool-PT400L.html

or

http://www.abt.com/product/49639/Whirlpool-PT220L.html

will I need some sort of transition to be able to plug the unit into my existing 220V outlet ?

What do you think about that idea of getting deals. …instead of sending postcards for 15 20c a piece …I can get 10K copies of regular 1 sided A4 fliers printed for around $300. Then I take my buddy and we walk them streets for dollars putting each flier behind car wiper blades …In one night we can drop couple thousands fliers …got some traction that way ..and some angry calls too …pretty cheap way to get to the source plus as far as numbers game ..cant beat it any comments ?