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31 January 2025 | 7 replies
The property owner's tax professional can help them with that and ensure they don't pay taxes twice on the same income.Disclaimer: My advice/opinion in this post is just that, my opinion.
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5 February 2025 | 1 reply
I'm 53, married with 2 kids less than 17 years old with debt only from purchases on credit cards and my home.
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12 February 2025 | 4 replies
I've worked with some Canadians buying here in Ohio.Indeed, rather than selling your stocks to fund investments (and lose out on any potential price appreciation and dividend payments, as well as incurring capital gains taxes), a nice alternative is to borrow against some percentage of the holdings.You would start with the brokerage where you hold the stocks and see what their loan program looks like for the account you hold.
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24 February 2025 | 4 replies
*Renovation Costs – Includes labor, materials, permits, and unexpected repairs*Holding Costs — Utilities, property taxes, and financing costs during the renovation time.
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29 January 2025 | 4 replies
Rent payments from the medical LLC are fully deductible as a business expense, while the property-owning LLC will report the rent as taxable income, which can be offset by deductions for expenses like mortgage interest, property taxes, maintenance, and depreciation.To ensure compliance, document how FMV was determined—using market comparisons, an appraisal, or similar data—and draft a formal lease agreement outlining the terms, rent amount, and responsibilities.
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27 January 2025 | 4 replies
The masterminds often encourage students to finance the new-car like entrance fees on a credit card, on the promise of just a single deal covering all the entrance costs.
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15 February 2025 | 6 replies
Also, managing the property as a rental could offer tax benefits.When purchasing, keep in mind condo association fees and maintenance costs.
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2 February 2025 | 4 replies
Since the trust is a disregarded entity, the benefit is bypassing probate, not tax issues or liability concerns.
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29 January 2025 | 15 replies
I would search the BP forums because your tax / legal related questions likely have already been asked.However, it doesn't hurt to still ask the forum what your questions are.
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10 February 2025 | 12 replies
All-In Costs & Profitability-ARV: $450K-Purchase Price (financed): $170K-Repairs: $150K-Holding Costs & Financing: ~$20K–$30K (insurance, taxes, utilities, interest, etc.)