Don't forget to save up for closing costs, property taxes, insurance, and any potential repairs that may be needed.Start by connecting with nearby lenders or mortgage brokers to evaluate your financial preparedness and investigate loan possibilities.

Topic no. 409 covers general capital gain and loss information.The rest will be taxed, so a big chunk of that money will go to your uncle who happens to be a partner of yours. 

Transfer taxes, recordation taxes, lenders title insurance, owners title insurance, closing fees, lender fees, appraisal, survey, deed prep, recording fees, insurance, escrow 

Take a “break even” sale before interest, utilities, taxes, insurance eat you up?

so far smoking is not a protected class.I'm guessing the medical marijuana issue will evolve over time, especially if it becomes legal at the federal level.

The book is saying open up multiple accounts for your business for the purposes of charitable giving, owner income, taxes, paying down bad debt, etc.

Hi Shree,Make sure you have a business privilege license and get a tax account number before you apply for the rental license.

Is this a true 10% cap or is this what I refer to as the "realtor special" where taxes, insurance, water and a nominal maintenance budgetary number is included.

Here's a PARTIAL list:Office rentComputers, printers & softwareInternet & phone billOffice furnitureOffice supplies: paper, postage, ink, etc.Office liability insuranceAuto expenses: monthly payment, insurance, gas, maintenance, registration/plate feesBroker license fees: annual, monthly board & MLS fees, continuing education fees, E&O insuranceEquipment: lockboxes, signs, etc.Business income tax preparation and paymentsStaff payroll & payroll taxes Time Tasks: answering phones, calling past due tenants, scheduling tours, taking marketing pics, processing those pics, writing ads, researching rent amounts, posting ads, explaining to owners how rent determined & showing where ad posted, opening & processing mail, posting payments, bank deposits, scanning documents & posting to owner & tenant portals, explaining accounting to owners so they understand their monthly statements, taking pics/videos of repairs, finding reputable handymen and contractors, confirming they're properly licensed & insured and tracking annually, verifying repairs done properly, processing invoices for utility bills, repairs, taxes, city inspections, scheduling periodic property evaluations/inspections with tenants that don't want strangers in their homes, explaining to owners why taking so long, and more & more & more...

Is there anything we need to do for taxes?