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24 April 2024 | 2 replies
The CPA is still doing the tax return.
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24 April 2024 | 11 replies
Taxes and insurance costs are "covered" in the rent.
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25 April 2024 | 15 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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24 April 2024 | 1 reply
. * [6-24 months] Whenever I find a job and qualify for a FHA multifamily, get that property (with break-even cashflow most likely), and rent the condo at a cashflow loss for a couple years until rent increases (due to high-interest on underlying debt)* [Almost immediately afterwards] At this point, do a cash-out refinance on the condo to pay back the SBLOC (unsure if this is possible immediately after getting the multifamily loan), and secure a lower rate for the condo itself.I know this strategy sounds like loser, as it bleeds money all around, but my hypothesis is:* Underlying assets should grow more than 8.15% in a given year, and I would not pay short/long-term taxes on stock.
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24 April 2024 | 7 replies
If so then go to your county website and look up the property tax records.
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24 April 2024 | 10 replies
Don't make the assumption on funds with tax season over they may be more flush than you haha!
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22 April 2024 | 18 replies
The entry-level Quickbooks Online software itself is expensive $250/yr... that's not even adding up potential books/courses, CPA fees or personal tax filing software like Turbo Tax.
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24 April 2024 | 6 replies
Whatever the City won't adjust off you get to deduct from your taxes anyway, so you're not actually paying the cost of the water usage.5.
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25 April 2024 | 6 replies
Renting properties for STR does not come with the upsides of tax savings, appreciation, equity build up, etc.I agree with the sentiment expressed by others that diving straight into STR, especially with a property that is cashflow negative as a long-term rental (LTR) or through arbitrage, can pose risks.
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23 April 2024 | 6 replies
@Sandra KimThe withholding agent (I’m assuming the title company in your case) generally should be remitting the withholding tax directly to the IRS out of the sales proceeds.