All Forum Posts by: Azita S.

@Darwin Crawford

How long did you have to wait?  How much was the tax lien on the property?

Can someone explain how tax foreclosures work? Would it effect my credit if it's owned by an LLC at the time of foreclosure? I'm the sole proprietor of the LLC and the title was transferred to the LLC in Feb of this year at which point 2016 taxes where paid in full. Next taxes are due in Jan 2017.

@Daniel Wurl

It's in inner city Milwaukee where houses are sold for $25-$30K, not sure any developers would want to build on in this market.  

@Cheryl H.

I haven't but they may be interested in it.  I'll try to find wholesellers on BP. 

@Account Closed

Are you suggesting I should let it go to tax foreclosure?  or the wholesaler would sell at at tax sale?

yes I have! 

Last year I lost one of my rental properties due to fire.  I had the structure raised and removed and don't plan on re-building.  I've been having litter issues with people dumping their trash and old furniture, etc and I keep getting notices and fines from the city for litter.   Since I live out of state, by the time I receive the notice, the city takes action and cleans up the litter and sends me a letter informing of the fine $. 

 The land is not worth much, so I am unable to sell it.  I think by the end of the year, I'll owe more in fines and taxes than the land is worth!   I've contacted a few charity organizations to donate it, but was unsuccessful! 

I owned the property initially, but per my attorney's advice I formed an LLC and it is now owned by the LLC. I need advice on how to get rid of this land!

I talked to my CPA and she recommends sending 1099s  to everyone who got paid $600 and more to air on the safe side, but she is my CPA, she charges me per 1099 she sends out, so her opinion to me is bias!  

Now I have to track a few people to get their SSN or TIN to send them 1099s on the flip, but according to what I have found, for the rentals, since it's not a business I don't have to.

I spoke to a few fellow landlords who never send 1099s and have been landlords for ages!

I just read another thread saying if you are not a real estate professional, then as a landlord, you are not required to send 1099's 

If you flip a house, you do.

Then the question is if I flipped a property and also own rentals, does it make me a real estate professional even though I have a primary job/profession?

Or do I need to issue 1099s for the flip, but not the rentals?

This is so confusing.  I didn't have anyone fill out W-9s, so going back now might be an issue!

What's the threshold?