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5 June 2013 | 4 replies
(You need to look like a buy-and-hold investor, not a dealer/flipper.)
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1 April 2017 | 9 replies
@Matthew Irish-Jones, There's numbers of ways to get involved with others to go forward together in investing.
3 April 2017 | 25 replies
Thats true Upen but its good to note that generally only the base or salary income can be used for qualification with out any waiting periods assuming the same industry.Using bonus/overtime/ auto reimbursement/commissions from a prior job will be hard to carry over unless it was a near identical position in the same industry like car sales man at chrysler to car sales man at a ford dealer or retail sales at AT&T to retail sales at Verizon Wireless.
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26 December 2017 | 5 replies
If you can't find the installing company, go to the alarm manufacturer's website for dealers in your area.
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17 September 2017 | 3 replies
After reading about the "dreaded" IRS classification of "Real Estate Dealer" and the long list of negatives of being tagged as a dealer.
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15 February 2018 | 10 replies
I own a business flipping vacant land properties so according to the irs I am a real estate dealer and my income is taxed as ordinary income which includes the full 15% self employment tax.
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12 February 2018 | 10 replies
You could also pay SE tax of 15.3% on any profit (this may depend if you are flipping multiple homes and if the IRS considers you a dealer vs an investor).
4 April 2016 | 8 replies
Account ClosedThe transaction would be legal.If your IRA is lending money and getting X return on the loan, that is passive income that would be 100% sheltered to the IRA.If your IRA is receiving an equity split of the profits on the flip, that is considered engaging in a trade or business (real estate developer / dealer) and the gains would be subject to UBIT taxation.Rather than rely on an internet forum to figure out which of the above will be better for you, speak with a professional and your CPA.
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28 March 2016 | 6 replies
One way to view this is the Standard Industry Clasification system (SIC) as described hereBuy&Hold (like myself) would be 65136500 Real Estate6510 Real Estate Operators (No Developers) & Lessors6512 Operators of Nonresidential Buildings6513 Operators of Apartment Buildings6519 Lessors of Real Property, NEC6531 Real Estate Agents & Managers (For Others)6532 Real Estate Dealers (For Their Own Account)6552 Land Subdividers & Developers (No Cemeteries)
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31 March 2016 | 14 replies
The guy that buys cars at auction, fixes them up, and sells them... the term used is he is a dealer if he buys/sells more than 5 vehicles per year.