John N Cook
ROBS 401K for Fix & Flip
19 August 2024 | 5 replies
@John N Cook any insights into how the C-corp valuation is established in order to justify the stock purchase via the ROBS 401k account, assuming the c-corp has no assets or revenue on the books - how does one justify the investment in an audit?
Chris Seveney
If it’s too good to be true
19 August 2024 | 9 replies
The biggest red flag outside of audited financials for me is the "guru" course sponsor.
Carlos Scarpero
Selling personal home on land contract.....good idea?
18 August 2024 | 6 replies
Way too risky for me to risk a CFPB audit.
Joshua Saunders
LLC Setup for STR Business with Stay-at-home-spouse
15 August 2024 | 9 replies
However, based on new IRS audits, we recommend LLCs even with no tax benefit.
Noyessie Hubert
Seller in the eviction with tenant day before closing
17 August 2024 | 10 replies
Seller will audit repair claims, and get balance.
James McGovern
Are Real Estate Agents Clueless on how to work with Investors?
19 August 2024 | 46 replies
The DOJ has already notified brokerages they will be auditing their records for compliance with the settlement.
Zehua Zhou
How to handle the tax forms from the property manager and the bank?
16 August 2024 | 23 replies
Otherwise if the IRS sees a 1099 against an LLC's EIN but never know where that income flows into, they may request an audit?
Jason V.
Section 121 gains exclusion reported on what IRS forms if home was rental for 2 yrs??
13 August 2024 | 21 replies
One last thing that I forgot to mention, which I'm afraid will come to bite me in the *** and cause an audit is that when I sold the home, the closing agent had me sign something that clearly pertained to the qualifications of Section 121 (owned and resided for more than 2 of the past 5 years prior to sale), which I checked all the appropriate boxes that qualified me.... yet there was ONE box, that likely used the phrase, "Did you use any PORTION of the property for business or rental usage during the past 5 years?"
Andrew Postell
How To: Cash out 1-4 unit Property
20 August 2024 | 452 replies
You should speak to a professional to get such solid advice for your individual circumstance.Now, doing a sale to yourself, even if it is technically not "yourself", is not an arm's length transaction and the IRS would likely disallow it if audited.
Farnaz Z.
How to hold a property management company accountable for negligence?
13 August 2024 | 14 replies
I have been audited by the commission (the result was minimal issues to address) and it is no fun.