All Forum Posts by: Mohamed Nagoor

@ Mike Mitchell.

Alpharetta, Roswell areas are also pretty hot. Sold my 1st home a few months ago with pretty decent margins.

Try scanbot. Snap all your receipts, combine into PDF or JPEG and upload to google drive for real time access of all your receipts.

@ Daniel Thomas. Short answer is YES to all your questions. Go for it and enjoy the tax break!

Thank you both for your responses.

Hello BP Team, I am about to close on my first property to flip and was wondering what all insurance I should purchase? It's an all cash purchase and flip. Flip will be done by a licensed GC.

Any guidance from the pro's are much appreciated.

Hello BP Team, I am about to close on my first property to flip and was wondering what all insurance I should purchase? It's an all cash purchase and flip. Flip will be done by a licensed GC.

Any guidance from the pro's are much appreciated.

@Basit Siddiqi, thank you for your response.

Just to be clear, out of the 40K recognized as profits to the LLC, I can deduct all closing costs thus reducing the tax burden to me when it moves as ordinary income to my return?

What other expenses can be deducted? SE Tax, is it mandatory to take?

Thank you @ Michael Plaks.

@Brian Zaug, @Ashish Acharya thank you for your responses.

@Alan Rohrer you answered some of the questions I had in mind after Ashish's response.

Interesting to know that I can make a contribution and take back that same amount as a distribution from the LLC without a tax implication.

I thought creating the loan was an easy way to get back the funds, but now I know it's not.

Truly appreciate the responses.

I'm trying to better understand how CG works.

example:

I lend 100K to my LLC. Purchase a home via the LLC for 70K. 30K expenses ( includes rehab, travel, realtor expenses etc). I sell the home for 140K. Payback 105K to myself. 5K interest.

How much is my CG exposure?