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All Forum Posts by: Roger Skove

Roger Skove has started 3 posts and replied 4 times.

Post: First time tax question

Roger SkovePosted
  • Newton, NJ
  • Posts 4
  • Votes 0
Good info so far, thanks to both of you

Post: First time tax question

Roger SkovePosted
  • Newton, NJ
  • Posts 4
  • Votes 0
So my business partner and I bought a house to flip in October of 2017 and plan for it to be ready for sale spring 2018. My accountant wants me to claim a loss on my 2017 ret then I’ll basically have to buy another project after we sell so it doesn’t look like I made A LOT more than I actually did. We bought the house in our names then shortly after formed an llc but the house is currently in our names. Everything is in NJ. Is this the best course of action. Do I even have any other (legal) options? Any advice would be greatly appreciated!

Post: First time tax question

Roger SkovePosted
  • Newton, NJ
  • Posts 4
  • Votes 0
So my business partner and I bought a house to flip in October of 2017 and plan for it to be ready for sale spring 2018. My accountant wants me to claim a loss on my 2017 ret then I’ll basically have to buy another project after we sell so it doesn’t look like I made A LOT more than I actually did. We bought the house in our names then shortly after formed an llc but the house is currently in our names. Everything is in NJ. Is this the best course of action. Do I even have any other (legal) options? Any advice would be greatly appreciated!
Hi there everyone. I've been around the forum and listening to the podcasts for a while now but this is my first post. A little about me...Bought my first bank owned foreclosure about a year ago and renovated it myself from top to bottom. Kinda consider it a practice run to start flipping houses in my area. I have a considerable amount of equity in my home and my best friend of 30+ years is interested in putting up a substantial amount of money to be a silent partner. We've talked about roles in the project and writing a contract between us but neither one of us is sure the fairest way to split the profits. I have the real estate and construction knowledge and he has more money so it's a mutually beneficial partnership. Anybody have advice as to what percentage of money he should put up to make a 50/50 split fair? Any and all advice is welcomed and appreciated. Thanks in advance!