Chris Logan
Looking for some Clarification.
30 January 2024 | 5 replies
There are a few problems with what you said and how you are planning to go about filing taxes for your rental income.First, I think you meant your LLC is operating in a State that is NOT a “community property” State As a result, you will need to file a LLC tax return with the IRS and State -> Yes, you are required to file The LLC tax return you file (I’d recommend getting help) will include an IRS Schedule K-1 for the LLC parters (you and your spouse).You will need to use these IRS Schedule K-1s to report your rental income and expense on your personal taxes return.
Maylin Cuello
Tampa STR zoning/licenses
28 January 2024 | 10 replies
I believe it was 2014 where the state handcuffed local governments from passing new laws or changing old laws in regards to frequency and duration of rental periods.
Austin Latty
Advice on first flip
30 January 2024 | 11 replies
Document everything, personally I use a CPA for my taxes.
David Walton
1099 Filing Question
30 January 2024 | 5 replies
I have a tax question to run by you before speaking to an accountant and paying a fee for that!
James Russo
Financing a fix and flip
31 January 2024 | 9 replies
If you don't qualify for that or would prefer to not show taxes, worry about DTI, etc. you could look into private institutional loans.
Robert Johnson
Reasonable to turn a garage into a STR to house hack in Austin?
29 January 2024 | 9 replies
Local Zoning Regulations: To learn about the rules governing garage conversions, accessory dwelling units (ADUs), and short-term rentals (STRs), get in touch with the local zoning department.
Milt Constantine
Moving expenses and tax deduction?
28 January 2024 | 6 replies
Can I deduct my moving expenses on next year's tax?
Bruno Torres
Home is not renting!
30 January 2024 | 16 replies
I have been showing the house since the beginning of November and i've shown it to about 50 people so far, I've had 0 applications.My house is priced at the higher end and this is because i have very little cash flow The advantage of being a landlord is the equity that i'm building by covering property tax, insurance and mortgage with the rent price.
Daria B.
1031ing into a property that needs some rehab
31 January 2024 | 9 replies
I realize the net sale going into the exchange property needs to be at same amount or if below (cap gain tax will be on sale $ not used for purchase).Cheers!
Account Closed
Ready to refinance and repeat
30 January 2024 | 12 replies
When calculating the income-to-expenses ratio (also known as the DSCR), you would want to consider your: Rental Income, Principal and Interest Mortgage Payment, Cost of Taxes, Cost of Insurance, and Cost of Management fees.