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19 May 2018 | 5 replies
I'm neither a lawyer nor an accountant, but I recommend Googling "closely held corporation" and then asking your tax accountant how, if any, the proposed idea might impact your overall tax situation (https://www.irs.gov/faqs/small-business-self-employed-other-business/entities/entities-5: A closely held corporation is subject to additional limitations in the tax treatment of items such as passive activity losses, at-risk rules, and compensation paid to corporate officers.).I've read that when two closely held corporations owned by the same small group of shareholders do business with each other, the IRS sees a red flag because some people try using this approach to evade taxes.From my readings of personal finance articles, this additional scrutiny is based on whether there is an "arms length" between the two parties in a transaction.
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28 May 2018 | 7 replies
@Nicholas Lohr, we (two partners and I) have 26 doors that are held in several different entities because some we own in our SDIRAs, some traditionally etc.....
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24 May 2018 | 6 replies
It was broke down like this:xxxxx1: “O” Checking = Rent in, Bills/Expenses Out; xxxxx1: “A” Savings = Reserve funding in, CapEx out;xxxxx1: “S” Savings with limited withdrawals = Deposits Held;xxxxx1: “M” Mortgage loan accountxxxxx2: “O” Checking = Rent in, Bills/Expenses Out; xxxxx2: “A” Savings = Reserve funding in, CapEx out;xxxxx2: “S” Savings with limited withdrawals = Deposits Held;xxxxx2: “M” Mortgage loan accountAnd so onThis was fine up to a point, then it got way to convoluted keeping track of everything.
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7 June 2018 | 25 replies
Can I be the one to start the foreclosure process, since it is over 2 years, even though I have only held the lien for a few days now?
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9 July 2020 | 11 replies
You have to pay more money, take another test, and I'm sure are held to stricter continuing education requirements, given you can / are now responsible for anyone under you.I can see where if you're doing multiple transactions a year it can be helpful.
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25 May 2018 | 18 replies
If she hasn't lived in it as her primary, if she has held the property for appreciation, she may qualify for 1031 exchange treatment.
2 May 2008 | 3 replies
They eliminated a non-voting board position she held, then voted to expand the board by 2 people.
25 April 2008 | 7 replies
At my rei club here in Chicago we urge people to share their goals for the next month with others so that at the next meeting they can be held accountable.
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29 April 2008 | 5 replies
I actually held it 7 months before I looked into owner financing.I consulted with a real estate attorny and got some information.
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29 April 2008 | 9 replies
We've never held a formal meeting (unless you count conversations about the properties over the dinner table).