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30 January 2025 | 10 replies
Approximately 6-8 weeks ago my attorney stated he was unable to get the delinquent tax 'owner' nor the squatters served in this matter.
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4 February 2025 | 17 replies
Since the loan is still in your name, you can deduct the interest you’re paying to the lenderon your tax return...
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29 January 2025 | 4 replies
Rent payments from the medical LLC are fully deductible as a business expense, while the property-owning LLC will report the rent as taxable income, which can be offset by deductions for expenses like mortgage interest, property taxes, maintenance, and depreciation.To ensure compliance, document how FMV was determined—using market comparisons, an appraisal, or similar data—and draft a formal lease agreement outlining the terms, rent amount, and responsibilities.
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11 January 2025 | 9 replies
I would reinvest in a another property and use a 1031 exchange to detour taxes.
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29 January 2025 | 15 replies
I would search the BP forums because your tax / legal related questions likely have already been asked.However, it doesn't hurt to still ask the forum what your questions are.
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31 January 2025 | 19 replies
As more people placed more properties in STR inventory, and as more municipalities taxed and regulated the industry, the profitability of the overall industry has reverted to a much more aligned (lower) risk adjusted return.
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31 January 2025 | 10 replies
My strategy incorporates asset protection measures like LLCs, specific trusts as well as professional property management to spread risk and ensure quality operations.As well as using tax codes to my benfiitSection 179, IRC Section 162, Cost Segregation and Bonus Depreciation and later 1031 them out for larger projects.
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5 February 2025 | 15 replies
I can's imagine a situation where all 4 tenants have elected to hand wash their clothes and use the dryer (there is no utility sink in the laundry room).Can you think of any reasons why the dryer would be used that much more/washer used that much less?...
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28 January 2025 | 4 replies
On your tax return you would report the proceeds, subtract costs and proceeds paid to seller, then the remaining profit would be your flat fee.
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30 January 2025 | 12 replies
I would love to see how you have utilized the system for investing.