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15 October 2024 | 26 replies
Advantages are that you only need to form and pay for the initial series LLC, file one franchise tax report, file one tax return, and pay one franchise tax payment if required by the state the LLC was formed in. 4.
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10 October 2024 | 9 replies
Lastly, the safe harbor for small taxpayers allows you to deduct expenses under a threshold of 2% of the adjusted basis of the property up to 10k.
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7 October 2024 | 20 replies
My W-2 for 2024 is over $250K which is the reason why i want to use REPS and MAterial Participation in 2024 by doing a cost seg to offset W-2. 2- In 2024, two things happened: I married my wife who is a realtor and I also sold 3 of the rental properties which created a capital gain of $220K (one rental was a loss).
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8 October 2024 | 4 replies
However, the exact treatment may depend on your accounting method (cash vs. accrual basis), but most individual taxpayers use the cash method, meaning they typically report expenses when paid.
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7 October 2024 | 4 replies
In connection with its duties, Qualified Intermediary shall be protected for acting or refraining from acting upon any written notice, request, consent, certificate, order, affidavit, letter, facsimile, email or other communication or document furnished to it under this Agreement and to have been signed or sent by Exchanger or any of its officers, attorneys, or other representatives, provided, however, that any instructions relating to disbursements of funds shall be subject to the provisions of Section 3.4 above and the Disbursement Instructions shall be signed by the taxpayer or submitted by the taxpayer online via the Software."
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9 October 2024 | 10 replies
Now if they got married, had kids, and a vast majority still lived in apartments that MAY have the makings of a trend.
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8 October 2024 | 1 reply
While you may be eligible for a tax exclusion of up to $250,000 ($500,000 if married) on the sale of your primary residence, any period during which the property was used as a rental is considered "nonqualified use."
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9 October 2024 | 9 replies
While opinions may vary, I rely on data to help drive real estate decisions and planning.Key ConsiderationsEducational Attainment: 77008 boasts higher numbers of residents with bachelor's (12,241) and master's degrees (5,739) compared to 77063.Demographics: 77063 has a higher percentage of foreign-born residents (41.02%) which typically indicates a strong rental market and with 76.86% renter-occupied versus 32.60% in 77008.Economic Factors: Median income in 77008 is $140,609 with a low unemployment rate of 3.37%, whereas 77063 shows lower median income ($51,899), higher unemployment (9.99%), and more families below the poverty level (16.51%), which may indicate economic diversity but also potential rental payment risks.Age Distribution: 77008 has more middle-aged residents (35-54) [8970 compared to 6,115] and a slightly higher proportion of young adults (25-34) compared to 77063 but both are popular with younger adults suggesting strong rental markets equally exist.Housing Market: 77008 features a higher percentage of family households (52.39%) and married-couple families (44.77%), suggesting stability and potential for property appreciation.Digital Advertising Demand: Houston Heights apartments (77008): 50,000 average monthly searches.
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30 September 2024 | 2 replies
I was curious if anyone had insights on my scenario:Parents are living apart, yet still file federal taxes as 'married', but file individual state returns.
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11 October 2024 | 56 replies
We're likely going to go into our next place together after getting married which may be a few years :)