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28 March 2024 | 10 replies
I would try Buchanan Law, they are awesome.
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29 March 2024 | 6 replies
If your doing anything close to this tye property better be a 100% home run .Otherwise, we didn't do a portfolio loan until we had 5 houses and supporting tax returns and did everything cash up until then. i wouldn't do it until you have some track record before jumping into leverage and a heloc is made to use and pay off quickly.
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28 March 2024 | 3 replies
And what are the future ramifications when withdrawing from the 401k since part of it should not be taxed?
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29 March 2024 | 1 reply
Navy Federal, as an example, needs a long time to close and requires tax returns, but has a 20 year draw and a 20 year payback period…takes much longer than others, but that payback period is amazing.
26 March 2024 | 8 replies
I don’t need to submit a No Tax Due Report?
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28 March 2024 | 13 replies
Make sure the money you receive from rentals pays for all of your out-of-pocket costs, such as upkeep, insurance, taxes, and mortgage payments.Underestimating the Outlay: Add up all of the costs that come with owning and operating rental properties, such as capital expenditures, repairs, vacancies, and property management fees.
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28 March 2024 | 10 replies
All commercial loans will now have new covenants if borrowers do not provide timely personal financial statements, personal tax returns, business tax returns, rent rolls (if applicable) timely.Personal financial statements and rent rolls (if applicable) are due within 60 days of the expiration date of the personal financial statement.
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28 March 2024 | 7 replies
LLC has more tax treatment options (taxed as a sub S) and better protection than a land trust, if managed correctly.
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28 March 2024 | 3 replies
I purchased a 1 BR 900sqft condo in 2021 with a depreciable tax basis of ~$275k and spent most of 2021 and first half of 2022 renovating the property (new appliances, flooring, painting, furniture, bathroom renovation, new kitchen countertops, new electric heaters, insulation, fireplace/pellet stove).
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28 March 2024 | 6 replies
This has been a side thing for us, and our accounting has been old school manual spreadsheets, along with rent collection varying from tenant to tenant (Zelle, PayPal, cash app, etc…) neither of us are great at keeping up with accounting which makes tax time a nightmare.