All Forum Posts by: Stephen Chittenden

Our tax accountant of several years has ghosted us. She filed extensions in March and April for our partnership return and personal return, respectively. She and her partner have ignored multiple emails and voicemails and haven’t returned any of my messages since early August. The partnership return is due tomorrow, so I don’t feel like I can wait anymore. I should have stopped waiting weeks ago. Our books are in Quickbooks, and the 2021 books have been closed since March. Prior returns are also available. Partnership owns three rental properties. 

@Andrew Chambers  No, that's not right.  As has been stated before, if you flip houses, houses are inventory just as if you were buying and selling widgets.  If you buy-and-hold rental properties, the houses are property used in your trade or business.  The results are the same regardless of whether acting as a sole proprietor or through an entity (although the taxation of the resulting income will vary depending upon the type of entity).

I believe those would just be added to your purchase expenses to increase your basis in the properties when you sell them.  

We have a rate of around 5% on single-family investment properties. It's a 5/5 ARM at 75% LTV with 30-year amortization.

We had one in Cecil County. There were some others. We just sold it last week. I've never been so happy to get rid of a property. Turned around and bought another single family six days later.

And a very aggressive portfolio lender at that. We use two portfolio lenders and neither of them would allow that. That's great for you. If anyone knows of a lender that will lend on investment properties in Maryland without any skin in the game, please let me know.

Where did you find a lender that would allow the seller to pay your entire down payment and all closing costs?

So, you're saying he should be able to do why he wants because his single-member LLC and personally owned property are the same tax entity (assuming it doesn't elect corp status).

Kimberly H. Yes, file form 8809 by the deadline.

We bought the last home we lived in with an FHA loan when we already had two mortgage loans outstanding.