Matthew Walker
My home now, Rental later. How can I deduct expenses?
24 May 2021 | 3 replies
Best advice I got from a CPA once was "Everything is deductible, until the IRS questions it and audits you."
JD Mims
Any Real estate C corps out there?
29 May 2021 | 1 reply
It keeps my worker's comp, unemployment insurance separate, and when they do audits for them, you're not co-mingling it with your other businesses.
Joe Splitrock
IRS Plans to Double in Size - What That Means for Investors
4 June 2021 | 17 replies
Bank reporting could be used as a way to trigger audits in the future.
Griffin Goudreau
How long do I have to own a property before I can conduct a 1031
2 June 2021 | 4 replies
It is all about your intent and what you can demonstrate if audited.
Amanda Young
Do you have a separate bank account for each property?
4 June 2021 | 12 replies
You can get into tax and liability trouble if different bank accounts are comingling funds with each other (if you get audited) as you get bigger.
Mike Bianchi
What to do with 700,000 ? Pay down , leverage or stocks
10 June 2021 | 76 replies
Sure you can start claiming personal vacations as work trips, but good luck when you get audited.
Hsiu Chu Cheng
Real Estate Investing Booklist (Organized Based on TOPICS)
8 July 2021 | 1 reply
: An Insider's Tour of the Secret World of Residential Real Estate for Agents, Sellers, and BuyersThe Millionaire Real Estate AgentHouse Hacking The House Hacking Strategy: How to Use Your Home to Achieve Financial FreedomHouse Hacker's Guide to the Galaxy: Use Your Home To Make Millions and Retire EarlyNote InvestingHow To Invest in Debt: A Complete Guide to Alternative OpportunitiesInvest in DebtNote Investing Made Easier: How To Buy And Profit From Distressed MortgagesMindset/Personal FinanceThe 4-Hour Workweek: Escape 9-5, Live Anywhere, and Join the New RichThe Hard Thing About Hard Things: Building a Business When There Are No Easy AnswersThe Millionaire MindThe Millionaire Next Door: The Surprising Secrets of America's WealthyThe Miracle Morning: The Not-So-Obvious Secret Guaranteed to Transform Your Life (Before 8AM)The One Minute Millionaire: The Enlightened Way to WealthThe Richest Man in BabylonThe Wealth of Nations: Books 1-3 (Penguin Classics)Wealth Can't Wait: Avoid the 7 Wealth Traps, Implement the 7 Business Pillars, and Complete a Life Audit Today!
Jason Chase
Need CPA to Certify My P/L for Real Estate Purchase
6 July 2021 | 6 replies
@Jason Chase CPAs don't "certify" they compete audits, reviews and compilations so you need to know which you need.
Cory Lucas
Keep taking notes or am II wasting my time?
9 July 2021 | 17 replies
Having notes could be the difference between them allowing or disallowing certain expenses in an audit.
Rita Lo
How to organize finances when renting property
2 January 2022 | 10 replies
Keep them separate and it will make your year-end accounting much easier and lessen the chances of an IRS audit.