Kimber Lockhart
Extensive pest report, who to do the work?
I'm about to close on a fourplex with a hefty pest report, but only a limited amount that's structural. It's intended to be a long term hold, so I have interest in resolving deferred maintenance.I'm working through w...
Michael Plaks
But I am a CPA (or an EA) - so I know taxes!
Reminder: professional credentials don't mean much if one doesn't specialize in real estate. Me and this colleague of mine have identical EA credentials... Same goes for the CPA credential.
Heajin Kim
Selling a house -Old termite damage- Help!
Hello, I am selling a house and is under the contract.Buyer has done their inspection. They found old termite damage but no active termite activities. Terminix told me that they did a treatment in 2005 before I bough...
Bryan Hancock
Excess Loans Over Basis Tax Treatment For Wrap Sales
Okay...So I have been studying this problem for years since I started doing sub-to purchases/wrap sales and it gets more confusing every time I look at it. I was hoping one of the tax wizards on the board could expla...
Joe Lijoi
Tax treatment for LLC with no income but expenses?
Hi all! My current full rehab duplex project is owned by an LLC which owns nothing else or has not generated income yet. My question is can I use the expenses incurred on the project as deductions even though there h...
Steven Scheibe
Tax treatment for demolition of building for investment purposes
Hi,I am looking for some tax guidance on my first ground up construction. In this scenario, say I acquired the property for $1M and the city tax assessor has it documented that my land is worth 900k and the building i...
Benton Moss
forming an LLC: pros and cons
Hi everyone -
I am considering forming an LLC as a holding company for several properties. What are the pros and cons of using this type of legal structure to encompass a few properties and what advice might one giv...
Julio Gonzalez
Incentives for Cost Segregation Studies
Did you know that the tax code offers many incentives for real estate property owners that have a cost segregation study performed, thus allocating costs to 1245 property?
A Cost Segregation study is an IRS approved ...
Shawn Henley
Group Home Investment
Investment Info:
Small multi-family (2-4 units) commercial investment investment.
Purchase price: $325,000
Cash invested: $325,000
Property is leased as a group home for the rehabilitation of individ...
Leona N.
Overdue rent collection
What is protocol for charging and collecting overdue rent? The lease states 2% interest. I'm not sure if I wait until it's paid and then send a bill for the actual interest amount? Or should I send a letter first? ...