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13 February 2025 | 2 replies
==========================My relative is asking if this is a viable way to legally avoid having to pay taxes:STEP 1: SELL PRIMARY RESIDENCE (House A)-Sell primary residence to son-in-law for cost basis + $500K-File gift tax form for difference between sale price & market value-Not pay capital gains on $500K due to personal exemption.STEP 2: SELL RENTAL PROPERTIES-Do 1031 exchange and buy House A back from son-in-law-Rent out House A for 1 year before move back in==========================Thoughts?
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5 February 2025 | 54 replies
It’s a cost, but it saves time and headaches.5.
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6 February 2025 | 7 replies
We used to hire a company to balance the chemicals and my costs were almost 2K per month.
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7 February 2025 | 0 replies
If I were to purchase an Airstream to use as lodging while I travel across the US to my rental properties, make repairs, and perform lease turnovers, would I be able to not only deduct fuel and campground costs but also depreciate the purchase price across 5 years?
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31 December 2024 | 13 replies
If you find someone that will let you supply the materials and work for labor only and sign a contract you supplied , you have hired an employee , a laborer , not a contractor .
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13 February 2025 | 3 replies
An invoice authorization form was used to help my buyer with renovations costs.
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13 February 2025 | 8 replies
In a great and popular location with rising rents and upside on price with renovations but also that will cost in the short term to improve the property.
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4 February 2025 | 3 replies
If any costs go up, developer eats it.
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11 February 2025 | 2 replies
I was able to qualify for about $95k in 0% business credit cards (for 12 months), I then liquidated the cash and used a portion of that to obtain the hard money loan that covered the balance of the purchase cost.
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5 February 2025 | 0 replies
Completely eliminated noise complaints from the lower level and reduced utility costs.