Joe Black
Surprise 17,000 Tax bill due to LLC transfer.
11 March 2024 | 24 replies
I work in audit, so I do all the due diligence before the tax work is done.
Michael Doherty
Tax Filing: Professional Real Estate Status
10 March 2024 | 5 replies
All you would need to say really is that you materially participated in the business during the tax year and just be prepared in the case of an audit/IRS notice.
Brian Hunsaker
Wondering how to minimize taxes owed to IRS from rental properties
12 March 2024 | 36 replies
Getting a tax preparer to take an aggressive position on a return is not the same thing as what the ultimate correct position will be if you are audited (plus interest and penalties).
Eric Fichera
Renting out a Condo
8 March 2024 | 12 replies
However, in many cases you likely won't be able to obtain by-laws until you are under contract.I would have your attorney include a specific "HOA" rider in the contract for this exact reason- It basically would require that you have ample time to review the governing docs of the HOA, such as master deed, current by-laws, current year’s budget, and last two years of audited financial statements, association meeting minutes, etc.
Laura Van Lenten
Cost segregation self survey instead of full study?
8 March 2024 | 8 replies
Do they provide audit protection?
Landon Hale
Real Estate Professional Status?
7 March 2024 | 7 replies
We just don't want our clients to face issues if they were ever audited and I'm giving you the same advice!
Nana Sefa
Owner’s title insurance - to get or not?
12 March 2024 | 250 replies
I think telling people the truth probably cuts into profits and enthusiasm for “Dear Leader”: (That’s a “cult” term)Since the Subject To purchaser makes the mortgage payments and owns the property, the IRS deems that sufficient enough to take the deduction, per my recent IRS audit which includes a large portfolio of Subject Tos and various other creatively financed properties.
Jacob Lockard
Looking for advice to either continue my STR or sell
6 March 2024 | 22 replies
Have you had a marketing audit lately?
Jeramey Rogers
Ocean City, MD - STR investment
6 March 2024 | 35 replies
The assessment in general was a result of the law being passed which caused the building to get an audit (happened prior to my purchase) as I believe it passed a couple years back and the deadline was just this past October. 2. our extremely low condo fee is why we don't have enough reserves to make even a small dent in the renovation costs and have to significantly come out of pocket.
Karen Bolyard
Capital Gains Question
4 March 2024 | 8 replies
Education and research hours, "managing the property manager" all have failed under audit historically.