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1 May 2024 | 16 replies
Could potentially be finished in a single day with a cooperative phone rep at the IRS, could take longer with an uncooperative one.Unlike normal tax preparation/planning however, form 2848 would require you to seek out someone with the EA or CPA certification specifically since the individual must be licensed to get the power of attorney status.
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30 April 2024 | 9 replies
Similarly, if the property has experienced depreciation due to age or wear and tear, provide evidence of this deterioration.Income and Expense Analysis: Prepare a detailed income and expense analysis to demonstrate the property's financial performance.
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3 May 2024 | 33 replies
You had gains according to your tax return (and as others said, perhaps depreciation recapture or perhaps preparer error or perhaps you don't fully understand your tax return).Your loan has nothing to do with gains.
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30 April 2024 | 1 reply
Just prepare for when things happen.
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30 April 2024 | 5 replies
@OP - As far as utilities goes, I pay for them and write it off during tax preparation.
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30 April 2024 | 1 reply
If not, I share information that will help the seller prepare for hitting the market in X weeks/months, etc.
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29 April 2024 | 3 replies
If you are going to target 5+ units be prepared to put 25% to 30% down going the DSCR route.
2 May 2024 | 41 replies
In the case of unlicensed contractor, the word 'handyman' is common in the scope of home improvement independent contractors, licensed or not.I'm not even in a trade or business yet still do issue a 1099-MISC to handymen, and even my tax-preparer just in case the IRS or some other beauracracy should deem me as being in a 'trade or business' already.
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30 April 2024 | 14 replies
At any point any of these bad actors - whom this country likely has no clue who they are or what their intentions are - can do something drastic not limited to attacking our power grid; and most Americans aren't prepared for no electricity.
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1 May 2024 | 22 replies
It sounds like you have a solid foundation and will be prepared for any situations that arise.