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26 April 2022 | 1 reply
At what point has the taxpayer had enough time to redeem and the investor is allowed to continue with its improvements?"
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2 February 2022 | 0 replies
At what point has the taxpayer had enough time to redeem and the investor is allowed to continue with its improvements?"
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12 May 2021 | 5 replies
If they don't match, it just appears as though you are temporarily visiting.Also be aware that states that lost tax payers, such as CA, are going to extreme measures to make sure that people are paying taxes.
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23 May 2021 | 4 replies
The taxpayer can redeem at any time for the first three years, and can still redeem at any time afterwards up until the investor files a judicial foreclosure lawsuit and the judge grants the judicial foreclosure order.
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17 May 2021 | 7 replies
Yes, you are correct, a Cost Segregation does not help all taxpayers.
25 May 2021 | 8 replies
I pay state income tax in CO on the rental income and state tax in CA for my W2 job.However, I sold some stock (which was held for years) in 2019 and noticed a slight increase in my CO state income tax.Then in 2020 I sold substantially more stock and my CO state income tax payment doubled.
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19 May 2021 | 4 replies
Any subsequent expenditure of funds to pay for repairs is treated as though the taxpayer received cash and paid for the repairs after completion of the purchase.
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19 May 2021 | 1 reply
Meaning a person can be both dealer and investor.To determine if the taxpayer is a dealer three questions must be answered:(a) What is the taxpayer's trade or business?
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22 May 2021 | 1 reply
The type of deed doesn't affect the tax payable on the consideration.
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21 May 2021 | 1 reply
Yes you can if you meet the requirements.If you are not a real estate professional, the passive activity losses (PALs) generally are deductible only (1) against income from passive activities, (2) when the entire interest in a passive activity is disposed of in a taxable transaction, or (3) under the $25,000 rental loss privilege for qualified rental activities (subject to the $100,000 AGI phase-out).The general is a rule allowing up to $25,000 of active participation(see below) rental real estate losses as a deduction against nonpassive income.The taxpayer must make management decisions with regard to the property, have at least a 10% ownership share in the property, and the cannot be a limited partner.