Benjamin Harrison
Insurance Recommendation for Flipper
22 January 2024 | 6 replies
Flipping is considered an active business, and when you run an active business in your retirement account, the profits from such activity might be subject to Unrelated Business Income Tax (UBIT), so be sure to consult with a qualified tax professional so that you understand the tax implications.
Austin Ralls
Buying from Sheriff sales
22 January 2024 | 12 replies
The single most important thing you MUST do is get a title report prior to the auction (sometimes referred to as a preliminary title report, letter report or owner report).The title report will reveal what lien position the foreclosing lender is in, as well as if there are any other "skeletons" in the closet of the home (i.e. federal or state tax liens).
Olivia Pool
Gains exclusion on separately owned residence post-marriage
21 January 2024 | 6 replies
We filed our taxes jointly that year, if it matters.
Alex Molina
Need help calculating final buying costs based on HUD
21 January 2024 | 4 replies
-----------------------------------------------------Contract Sales Price: 45KSettlement Charges: $19,723.14 Rehab Holdback: $53,400Gross amount due from buyer = $118,123.14-----------------------------------------------------EMD: 1KPrinciple Loan Amount: 101.8K-----------------------------------------------------Cash at settlementGross amount due from buyer: $118,123.4Less amount pay by/for buyer: $102,800CASH FROM BUYER: $15,323.14------------------------------------------------------Lender Fee + Service Fee: $4,999Insurance Premium: $843Interest paid in advance: $92.36Title Fee's: $1,504.2Transfer Fee: $100County Taxes: $184.53 Down Payment: $8600 Total: 16,323.09 Why is the total different from the cash I gave initially?
David Iadeluca
New Member saying hello with one questions
22 January 2024 | 3 replies
I have QB online for my other businesses but I want to see how my properties are doing as a whole and QB online requires a membership for each Tax ID.
Estrella Carolina Mckinney
Essential services in a short term rental
22 January 2024 | 16 replies
That will change your tax situation.
Eric Drum
Help creating multiple accounts with Airbnb with the same email
21 January 2024 | 8 replies
Then you'd be able to do 95% of everything from your primary account, and when you need to access the bank accounts etc you'd just log into the other account directly.Note though, while I don't think they actually do much to enforce it yet, I believe Airbnb's terms allow you only 2 accounts (one for hosting and one for traveling in the case that you want to keep them separate) per SSN or Tax ID#.
Mathew Morford
Is it worth it
21 January 2024 | 2 replies
Consider whether you can house hack or rent that one and buy another one.Selling a primary residence for a profit and moving to another is a good choice because you can avoid capital gains taxes on the lower value homes.
Tom Freestone
NEED ADVICE! Extended 5 month stay at STR.
22 January 2024 | 6 replies
Otherwise you change your tax status on that property.
Joe Maris
Missing Info for Property Managers and Investors
22 January 2024 | 9 replies
I guess in that sense the LLC is the property management company, so the property owner (me) will be paying the property management company (the LLC, but still me) for business accounting and taxes.