![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/2161896/small_1707774074-avatar-alfredot7.jpg?twic=v1/output=image&v=2)
14 February 2024 | 5 replies
Do I get tax breaks as well getting a cash refinance loan?
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/2529197/small_1694481030-avatar-lunchmunchy.jpg?twic=v1/output=image&v=2)
14 February 2024 | 38 replies
The money you make is tax-free if it's your primary 2 out of the last 5 years (if you rent it for a while, I believe there are some taxes, but it's prorated on time based on what I remember - not tax advice).
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/1005461/small_1694556710-avatar-johna373.jpg?twic=v1/output=image&v=2)
13 February 2024 | 2 replies
Assuming cost segging a rental is the only way:condo or townhome/SFH with NON depreciable landnewer property/fixtures vs older propertyNOT a pro newbie landlord vs REPself manage or prop. mgmt. co.GOAL is biggest tax bene.NOT best cash flowing deal
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/2090167/small_1621518006-avatar-katel44.jpg?twic=v1/output=image&v=2)
15 February 2024 | 8 replies
You give the vendor the completed 1099 and you report it also to the IRS in your tax filing.
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/2113036/small_1694705053-avatar-seanc437.jpg?twic=v1/output=image&v=2)
14 February 2024 | 5 replies
This approach would not yield significant immediate cash flow but could lead to equity growth, tax deductions, and property appreciation over time.
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/1993907/small_1704832936-avatar-nworiecapital.jpg?twic=v1/output=image&v=2)
15 February 2024 | 2 replies
Relationships with licensed trades may be limited due to a lack of experience, and familiarity with things like permitting, property management, and short-term occupancy taxes could be a hinderance.
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/2946723/small_1707849635-avatar-jakec285.jpg?twic=v1/output=image&v=2)
14 February 2024 | 5 replies
If you qualify, it is a nice option.In the IRA format, you need to start with an IRA held by a non-traditional custodian, then have the IRA make a single investment into either an LLC or Trust to obtain checkbook control over the IRA.There are a few firms that specialize in establishing a checkbook IRA trust.If you are investing in non-liability risk assets like funds and syndications, there is a clear advantage to the trust as it is not considered a business and therefore not under the purview of the CA Franchise Tax Board.If you will be investing in rental property, the limited liability protections offered by a LLC may outweigh the cost and headache of California filings.
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/2802146/small_1694942714-avatar-dannym192.jpg?twic=v1/output=image&v=2)
15 February 2024 | 10 replies
I figure the single-family strategy will have more advantageous tax benefits to flipping, and I can flip it more quickly, possibly in just a year and a half.
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/2524747/small_1667768830-avatar-mikhaelb.jpg?twic=v1/output=image&v=2)
12 February 2024 | 4 replies
He is also wondering if the taxes would be less if he just sells the property outright.
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/1137023/small_1623699318-avatar-michaela500.jpg?twic=v1/output=image&v=2)
14 February 2024 | 0 replies
Tax compliance: Keeping good records of your income and expenses will make it much easier to file your taxes accurately.