Matt Willis
Income Tax on New York State LLC?
I'm looking at purchasing some sfr or small multi families in the western New York area. Does anyone know the income tax rate an LLC would pay in New York State? Besides being able to write off expenses, and deprecia...
Kevin Durham
Can private school be a business expense?
Hey all, the more I learn the more I realize I know nothing! On my 3rd flip thanks to the help of this site. So, thank you for any reply!My daughter is now attending private school - 7th grade, and to my knowledge, in...
Joe Fermin
s corp vs llc
was wondering if anyone can give some insight as to which entity is best to form to transfer our properties to. is there any advantage of forming an s corp vs llc for this purpose? thank you for any info
Stephen Savage
Newbie - Is personal use counted by days or nights?
I'm under contract for a ski-in/ski-out condo in Keystone Colorado. I'm going to use the condo primarily as a STR property, but would like to maximize personal use without going over the 14 days/10% IRS rule. I've r...
Diana Gay
Quickbooks Chart of Accounts and Item List
I'm new to flipping houses. Anyone have a Chart of Accounts and Items List they could share that would be helpful in setting up QuickBooks?
Richard Z.
Passive income for passive partners of flipping project
Its LLC entity, will issue K-1 for each partners.
Passive income for passive partners - Should it be categorized as ordinary income just as the active partner, or should be short term capital gain? The project is a f...
Paresh Patel
Is there a tax deduction for loan default interest not-paid?
Hello. I would like to pose a question relating to the tax treatment of Loans made though any of the leading Real Estate Crowdfunding Portals that go into Default.Many of the CF sites may reasonably be expected to ev...
Jacob Beg
Foreclosure purchase and access issue
Hi All:I am looking for some ideas. I recently purchased a property from a foreclosure trustee sale in MD. In my experience, most of the foreclosed owners cooperate or at least engage in some sort of discussion with t...
Annette Wanamaker
Tax Implications - Using Flip Profits to pay down HELOC
Hello, BP land!I've just purchased my first long term rental and am looking at next steps. I used a HELOC on my primary home to finance the down payment for this first property. I am considering a fix-n-flip next to...
Tony Huang
Look for vendor for repairs myself or thru PM?
Hi BiggerPockets,Recently I've got a quote from my property manager for fixing mold issues in roof and other small damages related to that. Never dealt with such damage before so want to get some of your professional'...