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27 January 2025 | 17 replies
You may be able to see if a retailer still sells the 2024 version.If you can't get the one time purchase, you would need to see if the cost is beneficial.For real estate - Quickbooks desktop > Quickbooks online because you can set up multiple entities within quickbooks desktop and not pay an additional cost per entity that Quickbooks online would charge you.Best of luck!
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1 February 2025 | 2 replies
At the time of sale, we would amend our existing mortgage to ensure the sold property is no longer collateral for that mortage.
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6 February 2025 | 10 replies
However, you can defer taxes under §1033 involuntary conversion if you elect to reinvest the proceeds into a similar rental property within two years (three years if the government condemns the property or threatens to do so, and four years for a principal residence in a federally declared disaster area).To reduce taxable gain, consider:Electing §1033 treatment and reinvesting the full $300K into a new rental property to defer taxes completely.Partial reinvestment, where only the portion not reinvested is taxable.Properly documenting all replacement costs and property details to ensure IRS compliance.Using cost segregation on the new property to accelerate depreciation and offset future taxable income.Since the §1033 election must be made, consult a tax professional to ensure compliance and maximize deferral benefits.This post does not create a CPA-Client relationship.
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1 February 2025 | 23 replies
In both you are now paying taxes on an additional $1K/mo.
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30 January 2025 | 19 replies
Start small, ensure your numbers (purchase + rehab + holding + selling costs) leave room for profit, and build a reliable team (contractor, agent, lender).For financing, work with lenders who specialize in fix-and-flips.
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23 January 2025 | 15 replies
Loss of use is foryour additional expenses if you can not live there due to a covered claim (ie.
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29 January 2025 | 22 replies
Start small, build a reserve fund, and work with local experts to ensure your first investment is a solid one.Good luck!
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15 January 2025 | 11 replies
Since the original mortgage stays in place, you only need to ensure the reinvestment equals or exceeds the proceeds.
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29 January 2025 | 3 replies
Given the property is located in the Poconos and the property is vacant more regularly as an STR there are proactive measures you should be taking such as making sure there are heating sources so that the plumbing does not freeze and ensuring there are no blocks in the plumbing lines with routine checks.
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28 January 2025 | 4 replies
Outside of the police report, I would just ensure all window and doors lock or functional.