@Micki Ray HarperBigger Pockets is a great place to find an accountant specializing in real estate taxation.A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant specializing in real estate taxation, business taxation, financial planning and tax planning.Consider working with your accountant remotely to expand your options.I would also recommend looking for an accountant willing to work with you throughout the year.

@Ross DerouenBigger Pockets is a great place to find an accountant specializing in real estate taxation.A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant specializing in real estate taxation, business taxation, financial planning and tax planning.Consider working with your accountant remotely to expand your options.I would also recommend looking for an accountant willing to work with you throughout the year.

Since my adjusted basis is about 50K, am I going to have a $250K gain on my income taxes this year?

Prices will certainly vary between different tax firms.

And yes I have done one in 50 years in the industry.Facts:1. purchase contract and gave 50k up front to bring tax's current. 2. it was all cash no contingencies.3. seller just goes dark no response to anything.4.

The key is to ensure the HELOC doesn’t turn into a long-term financial burden if the partnership doesn’t pan out.

For example, in my state PA there is an inheritance tax and many TAX auction properties originate from people passing away and the heir(s) not taking control over the estate and paying those property taxes.

I assume there is zero or almost zero appreciation and that’s the reason you aren’t selling tax free?

About 90k that will be taxed at 40% if I take it now.

Hi,We recently (Aug 2024) bought commercial land of around 2 acres. this was part of bigger commercial lot (around 25 acres) which had AG exemption and so the taxes that they paid was around $20 each year. we received a 'AG ROLLBACK' letter from the appraisal district that starting 2025 tax year, we will be taxed at it market value resulting in additional taxes, interest and possible penalities for 3 prior years.