Hi, I am asking a question for my father, his only income is social security, he gets $975 a month. He sold a collector car he's had for more than a year last month and he's made a capital gain of 30k, he wants to kno...

Hi Guys,
If we received  36 k as a rent  on a house located in California . Mortgage was 24k. The repairs were minor, so it’s negligible. How much would our state taxes be? (My husband keeps waiting for the bill from...

With tax rates set to rise for both Corporations and high earning individuals, now is the time to do strategic tax planning for the next few years. Our structure works best for LLC/LP's that have taxable income in the...

I am practicing my ability to find and analyze local multi families in the Detroit area. I would appreciate input on this property and my analysis of the investment . Thanks ,Dan https://www.redfin.com/MI/Hamtramck/11...

"For the first $40,000 of your income, the capital gain tax rate is 0%! You pay nothing!"
Fantastic, but what does it actually mean?
If I have no job and sell a property for $100,000 - does it mean I pay nothing for...

I am someone who currently works on a W-2 basis and plans to transition to living off of my cash flow but in the next couple of years. I am interested to hear about peoples first hand experience with earning $100,000 ...

Hello All, I am trying to understand how 'boot' is taxed in a 1031 exchange. I am looking at a potential purchase from a relative and they might be interested in doing a 1031 into a new property, and I am wanting to e...

Hello, I got some caffeine in my system so let me know if you do not follow.  1a) I know that Interest on the mortgage is deductible 1b) I know that property depreciation is tax-deductibleTotal Tax Deductions = (Inter...

Ok...  I have been alseep at the wheel for a minute, so I am not up to date.I have decided to sell a rental house that I have had for over 2 years, so it is in the long term catagory.  I am selling because I moved out...

I'm in contact to buy a property in Redford Michigan. I noticed today that the seller's listing shows previous year tax of $907 but an estimate of $3200(!). Have been trying to use calculators online and am pretty con...