Account Closed
Big refund or owe a little
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 ...
Jon Martin
Favorite free Time Tracking apps (for material participation) and how to log texts?
What app do you like to use for tracking your time? I started using "Atto" a few days ago for 2023 material participation logging and I like that it has a big red/green start/stop button. What I don't like is that the...
Timothy Metra
How to Rip Off the IRS - Grant Cardone's advice... Legit?
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.----------------...
Colin W.
Home Office Deduction - Sch. E or Sch C for Rental Property
For my rental properties I maintain a home office. Should this deduction be taken on Schedule E along with my other rental expenses? I ask because Turbo Tax lists the home office deduction on Schedule C.
Nathan S.
Home Office Deduction - Mileage
Hi BP world, I am currently not taking a home office deduction since the entire space I use in my primary residence for my rental business is also used for personal activities (computer, file cabinet, office desk). A...
Kimberly Jones
NPN's and IRS Liens
Does anyone know whether IRS liens can be wiped when foreclosing on a Residential Note?
Nathan Spangler
Financing 2nd, 3rd, 4th property
I am trying to buy my second rental property, and am running into issues with financing given my existing DTI. My first property is under my name, as is my primary residence. When I go to purchase a second rental prop...
Joseph M.
Cash basis vs accrual basis at tax time
I currently own a rental property in my name and was paid in advance for rent. I asked my accountant if we could account for it on an accrual basis and he told me that I wouldn't be able to. Can anyone provide some in...
Jered Collins
Just went under contract (Review Deal & Tax Question)
Just went under contract today on a house in Richmond, Va. It's located in the South Richmond District of Richmond, Va. To the facts...4 BR 3 Full Bath2,497 Sq FtTwo story brick traditional Contract Price = $70,000R...
Richard Chang
Tax Planning for Buying, developing and selling multiple units
Hi all,
I was interested to find out the basics for tax planning for a real estate
project to buy a lot and remove existing structures and have 3 units built
with 1 being kept by the owner.
How would I find infor...