
1 June 2024 | 3 replies
I would prefer to manage everything through the LLC's account for bookkeeping and tax purposes.Proposed Solution:Open a new joint personal account specifically for making mortgage payments.Transfer the monthly mortgage payment amount from the LLC's business checking account to the joint personal account.Document these transfers as "Owner's Draw" or "Owner's Distribution" in our accounting records.Use the joint personal account to make the mortgage payments.Questions:For the CPAs and accountants out there:What are the tax implications of this approach?

31 May 2024 | 3 replies
CPA recommended we open a joint business checking account under both of our names to keep tax season simple.

30 May 2024 | 5 replies
And could save capital gain tax on first 500K profit .

30 May 2024 | 13 replies
So far I haven't had any issues with these tenants - they're either high income earners or long term tenants who take care of the units.

1 June 2024 | 5 replies
Brand new homes typically don't produce enough income to justify the purchase price, particularly in today's market.

1 June 2024 | 4 replies
Winter occupancy is lower than the other seasons, but still produces income.

30 May 2024 | 11 replies
So instead of paying off a car if you only have 10 payments left or can pay it down to 10 payments banks/lenders (omit) ignore the entire payment which helps lower your debt to income ratios DTI.

31 May 2024 | 16 replies
My brother looked at about 50 houses and they all had some form of lack of permitting, back taxes, no legal road access, etc.2.

29 May 2024 | 6 replies
Assuming that no debt is involved, Is paying that cost necessarily better than paying the tax on your long term capital gain in the property?

2 June 2024 | 26 replies
The daunting thing could be zero rental income for x months.