All Forum Posts by: Nathan Hood

@Michael Plaks thank you for your response! And sorry for not framing the the question with more information.  It was my primary residence since early January 2019.  We are just packing up and moving due to COVID-19  effect on the f&b industry. I came to all of y’all because I don’t want to cut corners and I figured I would get y’all advice before paying Since there are so many knowledgeable people In this community.   Our plan was always to stay 2+ years it is only because of the pandemic we are selling that’s why I thought it was worth researching. 

@Ashish Acharya the gain is well under 100k.  Obviously not being able to pay it isn't a circumstance. But the reason is literally only because of the pandemic.  Im a little confused on the defending it part.  I have all my documents of losing work directly because of covid and i have the unemployment paper trail, so i am comfortable defending this i would say... 

Hello all,

I am a chef that bought a live and flip to get my foot in the door with real estate.  I bought a foreclosure and fixed it up my self and added a bed room and bathroom on to the house.  The restaurant I was running shut down due to the pandemic so obviously making the mortgage is something I am now concerned about since the f&B industry is going to take a while to bounce back to where it was.  I was planning on living in the property for at least 2 years because I have two kids and its in a great school district and wanted to avoid heavy tax.  We are now feeling selling and getting out of it now would be our best option since my family can move into an extra space from other family members at a much lower cost and the pandemic is far from over. I am on unemployment since this whole thing has happened as well. SO the question is is there any tax exemptions for a unforeseeable event such as a pandemic?  Would love some input and if there are any professionals out there reading this I would love to know what my options are!

thank all of you for your time and stay safe!

Nathan 

Hello all,

I have a large sum of money invested in a handful of Paintings.  Is there a way that i could 1031 exchange my sale from my painting right into a property??  Seems like you should be able too but i haven't been able to find any information on it.   If any one has any insight it would be greatly appreciated! 

Looking for leads on great professionals. 

Awesome! Thank you to very much I will jump on it immediately ! 

Hello every one out there!  I am looking for a new CPA and Attorney in New Haven County CT.  If any one has any insight i would love to research more.  Thanks for yalls time!

Hello everyone!

So I just recently formed a LLC. We are getting close to the end of the year and I was starting to think about the taxes. I have yet to Flip or BRRR which I intend to this year. So end of the road the LLC at this point I will be clamming nothing but a goose egg. BUT I was thinking as far as taxes go, I am putting in a lot of time and money in getting it launched ie: new computer, new phone, Mailing campaigns, Driving for dollars and all that good stuff . Am I eligible to Claim any of this for my LLC. Might be a dumb question but figured I would blurt it out here before hiring a CPA for $0s made....

Very interested in Moving on this property!

What is my best way to not get crushed with taxes??  I was reading about deferring them with the Like-kind or section 1031 exchange. But that seems like its just avoiding the problem not solving it.  I also heard it can be as much as 35% plus 15.3% self-employment taxes.....  Sounds pretty gnarly. How do you go about this to make sure you don't get crunched??