All Forum Posts by: Patrick J.

@Ashish Acharya

How did he lose 200k?? I always thought c corps were only good for people who want to go public.

@Michael Plaks

Do you have other accountants in your firm Michael since you are kind of famous, I can't imagine you deal with everything on your own.

@Tiago N Dos Santos

Inspection period

@Garrett Terrell

Why would you have to pay taxes on BRRRR?? Its already a tax advantaged plan since you get the money back via loan at the end of it and owe nothing in taxes.

Ask your Accountant to retract s-corp status as far back as you can, I believe you can up to 3 years back with reasonable cause if he knows what he's doing. Find someone who knows what they're doing and pay them.

@Jonathan Greene

Thanks Mr. Greene. So they basically sell for market value with possibly a slight discount?? Do short sales and reos accept loans or it's all cash like auctions?

Do agents deal with foreclosed homes? Do foreclosures on Zillow show up on the MLS? Do they usually sell for around the listed price? Where is the foreclosure on Zillow being syndicated from?

@Ashish Acharya

Thanks. Could you sell capital assets in a state with lower tax rates?? For example, cali resident selling in Texas and being taxed 0% for state capital gains .

If you had a wash sale, do the brokerages automatically add the disallowed loss to your basis when you sell or you have to add it yourself?

If someone made 200k and had 250k in LTCG, then would they would have to pay 25% on the entire 250k since the LTCG is around 441k?

Would their ordinary income rate also go up?

@Bryan Xie

Texas doesn't have state taxes