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27 March 2024 | 0 replies
Hey BP Fam, I am a current wholesaler that came across a property with a $120,000 tax lien on it.
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27 March 2024 | 43 replies
Heh, heh, heh By deeding it back to the seller, the buyer causes all kinds of other unanticipated legal and tax problems.
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25 March 2024 | 3 replies
For the other, it got me almost nowhere (many namesakes, no social profiles, no phone or email or address...).Any tips?
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29 March 2024 | 99 replies
Checking most recent tax year for tax prorations, instead of most recent mill levy (big difference since taxes went up 30-35% last year, $10k screw up I saw in real life by a buyer last year)3.
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27 March 2024 | 4 replies
Your greatest challenge is going to be running this management company without the appearance of co-mingling all of the LLCs together.Bear in mind that one of the things that you'll be doing here is converting Passive Income to Earned Income via the Mgmt Company and that will be subject to self employment tax whereas had you left everything in the property LLCs, you'd have only passive income.
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27 March 2024 | 1 reply
My tax lady said it’ll be considered a loss and not to worry about it.
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27 March 2024 | 0 replies
Basically trying to get the most tax benefits and protection as possible.
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27 March 2024 | 12 replies
For example the last rental property we purchased we owe on it about $86K and if paid off would cashflow an additional $600 per month.Because of our household income I am worried that paying off properties would bring us into tax brackets.
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27 March 2024 | 0 replies
Some are saying that by adding me to the trust, we will have to pay the transfer tax (for my portion only) because I am not on title.