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9 February 2020 | 9 replies
:Owner finance the house .. no brainer that's a really interesting idea. finding a buyer that'll be open to that would be a challenge. i'll definitely give that some thought.really my question is if there's a way to avoid the taxes by gifting it to the school. as a non-profit, wouldn't they have to pay less?
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6 February 2020 | 4 replies
So, if you roll all $100k into your 401(k) you can take out a $50,000 loan from the plan.If you're are charitable, you can make a larger charitable gift (to a qualified charity or Donor Advised Fund) in the same year you do a Roth conversion to cancel out some of the tax burden or just keep you in a lower bracket.
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14 February 2020 | 40 replies
Also allows 3% seller assist and gift monies from a family member.
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7 February 2020 | 6 replies
What some of the more optimistic folks will say is that the general non-taxable treatment given to contributions into LLCs taxed as partnership under sec 721 and the carryover of basis of the property into the LLC make it hard for service to argue that a contribution of that sort would be taxable simply because it falls at the end of a 1031 exchange (Their words not mine:).And since the exceptions that would make it taxable are 1.a disguised sale (not if both contribute equally into the LLC), 2. a contribution of not property (not is both contribute real estate and cash), 3. a gift (doesn't sound like this is the case), or 4. a contribution that results in a reduction of the taxpayer liabilities (doesn't sound like that here either).
9 February 2020 | 3 replies
According to the IRS, in the year 2020, a person can give a tax-free gift of $15,000 each year to somebody.
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13 January 2020 | 1 reply
My family is amazing and they ended up gifting me the 5 acres of land, I only had to pay for the attorney fees to transfer title How did you add value to the deal?
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13 January 2020 | 7 replies
If the home is 100% owned and you place it in the child's name, I suppose that would be considered a gift.
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5 June 2020 | 3 replies
The software should auto-populate without them IMO, unless there's a specific reason (low down payment, bruised credit, down payment is 100% gift) to require it.
14 January 2020 | 2 replies
But it is probably going to have to involve a gift return filing to avoid a current tax liability.
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17 January 2020 | 99 replies
Dig deeper and see if RE is a passion of yours or an industry you can freely display your gifts if so you won't feel it as work, because indeed you will have to put tons of work, effort and hours in it and make RE a lifestyle)