Robert L.
How to report flip fees in LLC tax return
Hi, I know this is a question for a CPA and I will schedule a meeting with him, but in the meantime, I wanted to see for those of you who might already know....I have an LLC that contains 5 properties and I have been ...
Andy K
How to avoid self employment tax when flipping properties?
Hi all,A friend of mine and I are planing to partner up and fix and flip properties. We plan to put down payment together, get a hard money loan, rehab and then sell properties. I am an experienced buy-and-hold invest...
Oleg Malkin
Interest Tracing and 1031
Cashed out on a primary to buy an investment when the rates were good. If I sell the investment and 1031 into something else, I can just continue expensing that mortgage interest on the next investment? Are there any...
Brad Rondeau
Tax on my rental when I sell
Hello, My property is in Laguna Niguel CA. I purchased a 3 bdrm condo for $365,000 in Dec 2009 with 20% down. I now have a 4% loan but pay $280 in HOA fees monthly. I did about $16,000 in improvements - paint, carpet,...
Dawn Crudup
FHA Loan issues- closing dec 22nd
Hi,
My husband and I are in the process of buying a fixer upper through a FHA Loan. We just got the appraisal back and while going through it the appraiser noted that it doesn’t not meet the guidelines for FHA becaus...
Stephen Lynch
Bought in 2021, rehab in 2022. Tax handling?
Hello,I purchased a duplex in November of 2021, we've made some small repairs but it was mostly about getting the tenants out so we could start the rehab (scheduled for January). For 2021, I know it would be pretty ea...
Douglas Stewart
Depreciation Schedule Expiring
My father in law owns a 176 unit building in Los Angeles. It was built in 1991 meaning the depreciation schedule is beginning to expire. He is worried about losing the tax benefits. How big of a concern is this? W...
Payman A.
Depreciation recapture
Hi all. I'm a bit confused on this issue as I read about depreciation recapture being taxed as "ordinary income" then I see mentions of a "flat 25% rate". I have a 3 part questions:- So will the rate depend on your ...
Anthony Conrad
Capital Expenditure offsets income
If my capital expenditures on a rental property exceed my rental income, can I use those expenses to offset W2 income or does it only offset passive income? I just got my first rental property rented and I’m trying t...
Nicholas Burch
Seller financing leads
What's the best way to find seller financing leads, I have tried craigslist and Facebook marketplace. I appreciate any input!