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21 March 2024 | 8 replies
How much tax prep does a bookkeeper do?
22 March 2024 | 0 replies
This puts us somewhere between 18-27mo pending sale.Land Acquisition: 1M + 50K in closing costsHard Costs:Demo: 50KConstruction + Architectural Plans (survey, topography, permitting included) = 1.6M + 80KPool: 100KSoft Costs:Appliance package: 50KFurnishings: 75KLandscaping: 20KAnnual Carrying Costs (utilities/property tax/maintenance): 45KTOTAL: 3,025,000.00 After speaking with two lenders, it seems the best course of action would be to put 20% down on land for 12mo/interest only.
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21 March 2024 | 6 replies
Is there anyway to avoid the normal taxes involved?
22 March 2024 | 28 replies
They do not get paid until a successful transaction is completed.The "6%" you are talking about usually gets split between your agent's broker and the broker whose agent brings you a buyer as an incentive for the buyer to purchase your property (because they owe a commission too and may not be able to afford your property if they have to pay it themselves).
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21 March 2024 | 2 replies
If I sell it outright for cash, does it invalidate the entire 1031 exchange or do I just pay tax on the 25%?
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21 March 2024 | 4 replies
I'm the Tahoe Reno, NV market where the taxes are lower and more landlord friendly.
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18 March 2024 | 15 replies
I’m working with them now for the first time and my taxes are 1 month late so Ive started to collect interest on any balance owed at their fault.I submitted all of my paperwork 2 months ago on the deadline as requested and I haven’t even seen a draft of my return.He’s trying to tell me since we filed an extension we have more time to file but I know that an extension gives you more time to file, but not more time to pay so anything I owe is collecting interest penalties that I’ll be responsible for as I continue to sit and wait for something from them.smh.
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19 March 2024 | 4 replies
Does anyone have any good recommendations for a tax professional that knows real estate/multifamily/airbnb?
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21 March 2024 | 0 replies
Over the span of 5 years you will have paid $77,220 towards rent.However, you're $22,500 downpayment invested into the S&P index fund at our assumed rate of 10.13% compounded annually will be worth $36,236.48Leaving you a net living cost of $36,236.48 - $77,200 = ($40,963.52)Overall numbers after 5 years of house hacking:Expenses include: Principal, Interest, Taxes, Insurance, Repairs/Maintenance, and Private Mortgage Insurance.You will have paid $164,239.76 towards your principal and interestYou will have paid an estimated $20,914 in property taxes and insuranceYou will have paid $5,400 in private mortgage insuranceYou will have paid an estimated $10,859 towards repairs and maintenanceFor a total expense of: $164,239.76 + $20,914 + $5,400 + $10,859 = $201,412.76However, here are the positives to your net worth: Appreciation, Loan Paydown, Rent payments from TenantsYou're home will have appreciated to an estimated value of 560,7812 an increase of $110,782You will have paid down your loan by $26,742Your tenants will have paid $154,439 in total rentThe total benefits add up to: $110,781.87 + $26,742 + $154,439 = $291,962.87House Hacking net worth boosters minus expenses = $291,962.87 - $201,412.76 = $90,550.11(The home equity for year five is calculated using the downpayment + appreciation + loan paydown)House Hacking Vs RentingHouse Hacking net worth after 5 years: $90,550.11Renting net worth after 5 years: ($40,963.52)Leaving you a net worth benefit of $90,550.11 - ($40,963.52) = $131,513.63Here is a screenshot from our calculator on the difference in monthly payments between Renting vs House HackingThe winner is clear.
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22 March 2024 | 8 replies
Your refi options depend a lot on how you filed your taxes the last three years.