
30 August 2024 | 6 replies
It is just the IRS tax rules.Next up is I would get a good CPA and go over your plan.I think you aren't going to be able to meet your goals but being involved in the construction.

29 August 2024 | 8 replies
It takes almost no effort to hop on Facebook, Twitter, threads, or other groups to spew nonsense.

31 August 2024 | 12 replies
From an income tax perspective, the LLC provides you with absolutely no benefit.Even from a "anonymity" perspective - if that is a Single Member LLC, the K-1 from those syndicates is still required by the IRS to be issued directly to the beneficial owner - you.If you don't make it a single member LLC, say your spouse is also a member, now you have a partnership tax filing - if it holds a number of LLC interests, it is now a partnership filing that is a pain to file to roll all of those activities in and report it on to your personal returns.In short...most likely it is best to keep it simple.

30 August 2024 | 15 replies
@Edward BarrettIf you sell multiple anything in a given year, cars, properties, boats etc the IRS views that as 'dealing' inventory.

30 August 2024 | 13 replies
To make matters worse, the IRS will recapture all of the cost-seg stuff that lowered your basis, which means you will be taxed on a significant gain, even though you lost money.

29 August 2024 | 2 replies
IRS Publications 946 (How to Depreciate Property) and 527 (Residential Rental Property) can offer some guidance.

31 August 2024 | 16 replies
You do need to send in a check with the extension, the irs provides guidelines for calculating the amount.Real estate investing complicates taxes sufficiently that I have found I save way more than I spend by having a CPA who specializes in real estate investor tax returns.

29 August 2024 | 3 replies
The key is that the property must be rented out before you refinance to ensure it meets the IRS requirements for a like-kind exchange.

29 August 2024 | 5 replies
The IRS has shown that it is OK with selling to a related party to start a 1031 exchange.

30 August 2024 | 11 replies
Once you've done that, you'll want to take your Articles of Organization from WY, your registration in FL, and your IRS SS-4 form, which is the letter you got when you got your EIN number when you first started.