Richard Benjamin Wilhite
How to Find "Cost" Basis for Inherited Land prior to 1031 Exchange?
19 January 2025 | 9 replies
It would/could be only 15% capital gains tax and yes you could/would deduct all selling costs including commissions and transfer taxes.
Kyle Kulhanek
Retitling a property to an LLC - Chicago
23 January 2025 | 7 replies
If so, there are no transfer taxes due.
Roxanne Whitaker
MD Tax Law on Out of State Investment Owners
15 January 2025 | 1 reply
If you live in the home for 2 out of the past 5 years and move out of state you may be exempt from the tax.
Troy Smith
CPA tax advice.
9 January 2025 | 11 replies
You may be able to deduct mortgage interest and property taxes before the property is in service.
Desiree Board
Sole proprietor, LLC or Corporation?
22 January 2025 | 3 replies
Rentals generate passive income, so an S-Corp offers no added tax benefit.
Rene Hosman
How much time do you spend prepping for taxes?
14 January 2025 | 28 replies
I'm talking about tax season!
Lauren Ruppert
Can an LLC (sole proprietor) sell a property to an LLC belonging to a son/daughter?
22 January 2025 | 5 replies
From a tax standpoint, there are additional disclosures to make when selling a business asset for less than fair market value to a related third party.
Bruce D. Kowal
Being clever when dealing with IRS and State at the same time
17 January 2025 | 1 reply
And must be pretty significant unreported income if it would have caused $45k in state tax liability.You advised your client to wait past the expiration of state statute.
Tom Rairdon
Tax considerations when selling a short term rental
12 January 2025 | 8 replies
I’m in the 33% tax bracket through my real job and this could be a big difference in taxes owed if we sold the property?
David Oh
Profit Sharing Bonus for Property Mangement Staff
26 January 2025 | 9 replies
Avoid basing it on uncontrollable factors like taxes or insurance.