Hi Everyone,I received a notice from the IRS saying My LLC that has four members was charged a fee because according to the IRS we "filed the partnership return late."The amount is $4,920.  ($205 per partner per month...

am currently being

Isn't it just cash directly into your net worth?

When everyone talks about clearing $100 a month for their rentals are they counting principal paydown as part of income or expense?

I've been giving my Mom an "allowance" for years now. She's moving near me and will be renting a
SFR property that I'm closing on next week and paying me rent. I'm trying to decide if I should actually have her pay r...

Opinions on Grant Cardone aside (I personally have mixed feelings), he had a podcast titled "How to Rip off the IRS" that I listened to today. I'll list what he said to always do below and my concerns.----------------...

As has been pointed out often on this forum - you must meet strict criteria to claim to be a real estate professional. Claiming that status when you do not meet the criteria can cost you a lot of money...M & M v. ...

So, my first year receiving 1099s for rental property and the local housing authority issued me a 1099, while the 1099 my PM issued including ALL rent $ they received, effectively meaning the IRS thinks I made more th...

Myth 1. IRS audits are very common / IRA audits are so rare that you can forget about them
The latter was true during the recent Covid years. We recently had an under 1% audit rate. However, two things are good to re...

Hello BP World:My equity partner is my father.  We are going into business together to flip homes in FL and are looking for some advice.  I am setting up an LLC, and he is planning on investing in my LLC as a minority...

As a tax return preparer, I run across people that deliberately have more withheld during the year than necessary as a kind of forced savings. Others that initially work at owing nothing or paying a little at year's ...