Pat Hamilton
FILING INCOME TAXES
4 March 2020 | 1 reply
I wasn't going to file any tax forms for my LLC because I don't have rental income yet, but unfortunately (or fortunately :)), the money I had in my business bank account received interest so they gave me a form 1099-int.
Emanuel Ohunwu
Investing security deposits in the stock market.
7 March 2020 | 27 replies
I'm not your lawyer, so you know, I don't give legal advice, and things I say you should consider stupid internet rumors.The way that statue reads to me is... you can really do whatever you want with it, but if the tenant files a demand for it and you can't product it in the needed time, you'll end up owing them triple the deposit as a penalty, so you should probably make deep considerations on the risk profile, as if you can't produce it quickly, it gets even more expensive, very fast.
Elliott Wolf
Disappointed With New Pre-Approval Amount
5 March 2020 | 2 replies
It's a tough lesson but alternatives would be hard money or private money for two years until you get two years of tax returns filed where you've actually proven you can make more via commission and then get traditional financing.
John Blanton
Cost for K1s for a partnership under 10 investors
5 March 2020 | 4 replies
More relevant is what Kory mentioned and also if the 1065 has tax-exempt partners and a UTBI/UDFI calculation is required, how many state returns need to be filed, if forward and/or reverse 704(c) allocations are involved, a 754 election is made and 743(b) and/or 734(b) adjustments follow, etc.There is a fine line between a professional who knows what they're doing and someone who does not in the tax world.I've seen taxpayers price shop their business returns and go with the lowest cost provider only to find themselves in the middle of a train-wreck 2-3 years down the road.
Bryen Blankenship
Property Management Company Issued 1099 in Personal Name Not LLC
5 March 2020 | 5 replies
My PM company issued a 1099 in my name and because of this my CPA is telling me my LLC's earned ZERO dollar.Here's the statement he wrote me, "If for 2019 nothing was earned in the LLC, we can certainly prepare “zero returns”, but you cannot ignore the filing."
Mike Ficzner
Property Management in Cleveland Oh: tax return = moreownership
5 March 2020 | 0 replies
Homeownership may be one step closer than you think if you spend your dollars wisely this year.Based on data released by the Internal Revenue Service (IRS), Americans can expect an estimated average refund of $2,962 when filing their taxes this year.According to programs from the Federal Housing Authority, Freddie Mac, and Fannie Mae, many first-time buyers can purchase a home with as little as 3% down.
Rachid B.
Starting an LLC in NJ
5 March 2020 | 0 replies
I was quoted $300 including filing fees plus another $400 to transfer the paid off condo to the LLC.Please advise.Thanks
Chari Nash-Cannaday
Milwaukee - Duplex Conversion
6 March 2020 | 4 replies
If it says SFR then you need to figure out what the requirements are to make deconvert to a duplex i.e, number entrances/exits, ceiling height, etc.It may be as easy as filing some paperwork, but you need to do some more research first.
Carrie Shillin
Questions for realtors when looking at small MF properties
5 March 2020 | 4 replies
Zillow adds preforeclosures when a lis pendens is filed on a property, however, rarely do these come to market as the majority of them are worked out.
Rachid B.
tenants bills issues
6 March 2020 | 10 replies
Your strongest position is to bill your Tenant as you normally do in addition to base rent and then file a 'Notice to Quit for Non-payment of Rent' this will be the most enforceable and quickest way to remove the tenant in most, if not all, states.