17 October 2024 | 15 replies
Earlier this year, the government did not renew or pass any law to extend bonus depreciation back to 100% after 2027, so the current phase-out schedule remains in place.In the meantime, I would recommend doing some tax planning to assess where you stand in terms of projected tax liability for 2024.
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20 October 2024 | 84 replies
Assuming you have enough to pay the loan off in its entirety, the best thing to do in my opinion, is to jump in the amortization schedule to a point where it will take X years for the tenant to finish paying it off.
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14 October 2024 | 2 replies
The current discussion is that we'll agree on a payment and then "x" amount of each payment (same every month) will go to principal (instead of following an amortization schedule).
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16 October 2024 | 10 replies
In fact I'd do this with the first 2-3 flips and schedule out your budget for the next 2-3 years using that money.
13 October 2024 | 9 replies
As a single-member LLC, the IRS considers it a disregarded entity, meaning the income, expenses, and other tax-related items will still be reported on your personal tax return via Schedule E.
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16 October 2024 | 11 replies
2 more a little later in the day and 3 more scheduled over the 2 days.
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16 October 2024 | 10 replies
Then when property sells, you are subject to long-term capital gains, which is generally lower than the standard UBIT tax rates under the estate and trust tax schedule.
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13 October 2024 | 11 replies
Schedule D line 12?
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12 October 2024 | 7 replies
After becoming a sole-member LLC, report income on your personal return (Schedule C).
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11 October 2024 | 2 replies
Definitely get multiple quotes to compare, but also check out their previous work, especially for the type of renovations you're doing.For managing renovations, having a detailed plan before you start is a lifesaver—schedule, materials, and budget.