Jason Miller
Rental deductions & W2 income
My wife and I own 3 rental properties and our primary house. We both have W2 jobs and gross about $130k together. We are not real estate professionals. My CPA says it’s best for us to take the standard deduction despi...
Julio Gonzalez
Is cost segregation really worth it due to recapture?
One of the biggest arguments I see around cost segregation studies is the issue of depreciation recapture upon the sale of the property. Do the benefits of the cost segregation study outweigh the cost of recapture? As...
Michael Raegen
Looking for Tax Accountant recommendations
Hi All. I am hoping to gather recommendations for a tax accountant to help me with tax strategy to help reduce taxable income among other support. I am a full time engineer "W2" worker and have been an active licensed...
Paul Farley
First business - sales tax/income tax questions
I created an LLC a couple of years ago and put the business to the side for a while. I am about to begin the process with it and had some tax questions.This business will most likely always be a side gig for me, so I ...
Joseph Hammel
Help! I have too much money!
Did that get your attention? HAHA. So I'm doing a 1031. A few of them actually. I have sold the "selling property" and have closed on one of the replacement properties. I have 3 total replacements On the first I incre...
Robert Miller
Tax Question
I`m buying an REO with transactional funds and doing a double closing to flip it immediately.I`m buying for $43k total,reselling for $82k.Now the transactional funds are paid back pretty much at the end of the double ...
Megan Meconi
Selling a property from one LLC to another LLC
My partner and I have an LLC in Ohio, and we own a commercial property that we rent to tenants. We have a mortgage on the property, which will be paid off in about 6 months. We bought the property during a peak in t...
Dana Yobst
Lawsuit Award for uninhabitable rent paid: taxable as income?
Hi, we won a lawsuit against our dubious landlord in SF (I'm a landlord too) as the house was well below habitable standards in many ways and resulted in personal injury and property damage. Out attorney said that hi...
Zehua Zhou
How is UBIT tax calculated when the IRA real estate takes on a loan
Let's say I have 500k down payment and borrow 500k, and the monthly mortgage payment is 5800, and out of that, 4800 is mortgage interest, and I pay 2500 annually for insurance and 10000 for property tax, could anyone ...
Andrew Postell
Yay! Tax Season! What you need to know on claiming deductions!
It’s tax season! Yay! Can we detect sarcasm when it’s typed out? Since April is fast approaching that means many of us will need to file our Federal Tax Returns. Even if you are filing an extension I have tried to...