All Forum Posts by: Todd Plambeck

Thanks guys, I see where I was freaking out for no reason now.  I was trying to put in the 1099-S in like a 1099-MISC which was making my income completely out of whack.  I guess it's time to let the professionals do it all instead of trying to do part of it myself.  I blame the coronavirus for this, too much time on my hands to tinker where I shouldn't.

A friend and I own 7 rental properties.  I've done 5 flips in the past on my own.  Last year we did a flip on a house through the partnership and I'm confused about the taxes.  Round numbers for sake of example:

Purchase : 200,000 cash, 100k each

Rehab and expenses: 70k

Sold: 300k 

Proceeds:  15k each

I get a 1099 from the title company for 150k and I got my K-1 from my accountant saying I made 15k profit.  Shouldn't the K-1 say a 135k loss to offset the 150k on the 1099?  He says it's correct and I'm confused.  I'd like to finish my personal return to get my refund but can't like this.  Am I missing something obvious here?

Your meter may leak a bit too if it is old.  If opening the lower taps in the system as previously suggested doesn't relieve all the pressure then you just have to work fast replacing the valve...

I took my classes through Champions.  I tried online classes but the material is so dry, it's hard to plow through it all.  I did the fast track, lots of options: days, nights or weekends.  I would highly recommend.

Certain municipalities require them.  I put them in all properties with gas heat/appliances or a fireplace.  In my opinion, if you have a tenant injured or worse by CO there isn't a jury on earth that would not find you negligent in civil or criminal court.

Tile, tile, or tile.  Kitchen is the most heavily trafficked area in the whole house.  It's also prone to the most spills, grease splattering from the stove, etc.  Excessive water from spills or cleaning is going to destroy wood floors,  A nice tile or stone will pay off in the long run.  Make it look more high end with a running bond or other layout.

@Greg H. is spot on.  List it as 3000 sq ft per tax.  That put's the error on DCAD as far as liability goes.  The appraiser hired to determine the actual value will figure out the true square footage.  if it's in DCAD, it's probably correct.  They require documentation of a change in square footage which usually means permits and plans.  On the other hand, like @Mike Reynolds said it is often still the wild west in Texas when it comes to inspections, permits, etc.

No, you won't and the brokerage will most likely appoint and agent to you to avoid the conflict of interest.

In addition to what has already been mentioned, I would suggest you stop doing individual showings.  I used to do it and was running in circles.  Have an open house like showing, tell interested parties they can see it between noon and 4 on Saturday, period.  Having multiple people show up at the same time will make those truly interested act and the tire kickers probably won't show.

No leases are in effect, correct?  Take a look here.

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