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19 December 2024 | 3 replies
If you lived in the property you can sell it to capture the equity without paying taxes on those gains.
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17 December 2024 | 7 replies
If you need financial help, ask under the "Finance, Tax, and Legal" forum.
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18 December 2024 | 24 replies
We don't have the Midwest weather, high property tax, old homes, high insurance, high maintenance, or state income tax.
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17 December 2024 | 1 reply
Details on the duplex:Price: $385kBuilt: 2012Size: 2674 sq ft (1333 each side). 2 story, 3B/2.5B each side w/ 1 car garage & driveway for both, fenced backyard both sides.Interest: 5.49%PITI: $2,698Current Rent: $1,350 but could be brought up to ~$1,600, maybe $1,700Yearly Property Tax: $8,340 (I don't pay any on my side while I live there so $4,170)Upgrades: Vinyl floor in kitchen of both units, new AC (central HVAC) on vacant unit, roof done 2016.
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19 December 2024 | 6 replies
For the LLC, talk to an attorney and your tax person.
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16 December 2024 | 3 replies
If you don't want the property any more a 1031 is probably your best bet, unless it's got a huge capital gains capture in which case you could just take your tax lumps and collect your funds.
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17 December 2024 | 3 replies
They are farily easy and do nto require much to get started and the Max LTV is going to be 75% but I have seen some exceptions to 80%.Rates are subject to a few thing like loan amount, property type, number of units, credit score and downpayment.DSCR allows you to purchase with No employment and No tax returns so its a little easier.
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15 December 2024 | 0 replies
Is it worth getting Bob Diamond's course on 'Tax Overages'?
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20 December 2024 | 5 replies
Start small with one property, choose a strategic location, stay transparent with lenders, and ensure tax compliance.
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15 December 2024 | 25 replies
But for anyone who just has rental properties that they report on a 1040 tax return (not in a partnership), I would suggest considering rental property management software rather than general accounting software.