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4 February 2025 | 2 replies
Also, I'm not sure how you're paying attention to it on the tax side, but the unit that you are living in's profit at sale is calculated differently than the other unit that you're renting out.Once you move out, that unit is officially available for rent so from that point forward, any profit gained at future sale will be calculated starting from that point and will be taxable.
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4 February 2025 | 1 reply
Income would be from hunting dues and timber harvesting, expense would be conservation management, taxes, and the mortgage.
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6 February 2025 | 5 replies
but if i go in a LLC with them i get hit with the tax from the sale of the homeThe GC and the flipper were just going to split the profits from the sale of the home and they were going to pay me 2%/12% for the duration of the build.
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20 January 2025 | 5 replies
Repairs made while the property is your primary residence are not deductible, but improvements can increase your cost basis, reducing future capital gains tax when you sell.
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5 January 2025 | 12 replies
Note if monthly rent is 0.5% purchase ratio, the property tax will be ~20% of the rent.
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8 February 2025 | 5 replies
They can identify potential investment opportunities... not to mention all the tenant/landlord laws, eviction process, security deposits, accounting, end of year tax statements etc. lots of pitfalls to be avoided.wish you success in your ventures!
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7 February 2025 | 13 replies
The sum total of taxes of each of the 4 units will usually be higher than if it were apartments.
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1 February 2025 | 16 replies
Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).
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4 February 2025 | 17 replies
We also got them to have it professionally cleaned, ducts cleaned, they threw in some furniture for free, paid a lot of the closing costs that buyer usually pays, paid most recent mill levy instead of prior years taxes, paid my 2.8% commission, etc. because it is a buyers market and that's what you can negotiate in a buyer's market.
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1 January 2025 | 1 reply
To navigate the nuance in the laws properly for compliance and to accurately structure our LLC, I am looking to consult with an attorney who knows immigration + business + tax laws.