All Forum Posts by: Mike Bayer

We will be selling the house

Hi everyone,

We bought our first property last november in 2023, and are getting ready to list it.  I purchased it under my own personal name on this first one, cause we were competing to get there quick and my EIN hadn't come in yet.

We do our own taxes but I have no clue what to put for this house purchase.  We still own the house now.  But how do we put this into our tax filing for last year?  

Any help would be much appreciated.

I'm a bit confused on how a short term loan for a fix and flip works as far as the payments go.  For example if there was a 100k loan with 9% interest, what type of terms do companies typically offer.  I'm wondering how to calculate what a monthly payment would look like.  Of course there are different options I understand that, but what would be the most common option here?

I saw one that said it was a 12 month term, does that mean the borrower is expected to make 12 equal payments up to the 109k.  This is where I'm a little off.