Joey Palmer
1099?
Hi BP,My wife and I are finishing up on our 1st completely "self" financed rehab/flip in Cincinnati. My previous rehab/buy and hold was completely financed by Wells Fargo. Wells Fargo sent a 1099 to my contractor for ...
David Zheng
Taxing rental income or rental cashflow
Quick QuestionAre you taxed on rental income aka the total rent you charge per month or are you taxed on the cashflow after mortgage, interest, insurance, HOA fees, utilities, fixtures, etc. etc. are all paid?Like if ...
Megan Amundson
Portfolio loan question
I am considering refinancing an investment property now that rates have dropped. After I bought the property, I had created an LLC, and would need to convert title back into my name to do this. I'm mostly talking to c...
Fernando Imperatori
Florida Sales Tax Payment
Hello, hope you are healthy and safe.
I'm very aware of section (s.) 212.02(12), Florida Statutes (F.S.) which states ALL money collected from a tenant in a Commercial Property is considered rent and as such it's sub...
James Shen
Real Estate Tax Accountant - Key Attributes
Hi BP Community -I'm starting to build out my real estate team and currently looking for a RE Tax Accountant, however, I am not too familiar with how to distinguish what to look for in them. Are there any guides or ju...
Erica Williams
Owners Reclaiming Homes After Tax Sale
Hello,I am in Houston, Texas. I visted the tax accessors website about sale tax homes.Further, I discovered that the homeowner has the right to claim their home after the investor has purchased the home at the tax sal...
John Roust
Declaring residency in a income tax free state
A coworker of mine is allowed to work remotely from home. He has recently purchased a home in Nevada and has declared permanent residency there via his employer and has gotten it approved. In reality, he lives in Sacr...
Adam Jaspon
Is an LLC or a S-Corp the right entity for a rehabbing business?
I'm currently a landlord and utilize an LLC for that side of my investing, however I'm preparing to start a rehabbing business and I'm unsure whether an LLC or an S-corp will be more beneficial.Any advice is much appr...
Nghi Le
Deducting Personal Interest
If I have personal loans from family and friends (to invest in real estate), can I deduct the interest I pay to them? I recently learned that there are some interest expenses that you can't deduct, and was wondering ...
James De Silva
Wayne county property tax
Hi all,I've recently purchased a property in Wayne county (not the city of Detroit) where the sale price was $77,000. The property has an assessed and taxable value of $55000. This property was originally purchased in...