Sophie Wang
Tax lien foreclosure and then flip the house?
Hey guys,I have been buying tax liens for a few years, and recently three of them passed the redemption period and I started the foreclosure process to apply for the deed. Just try to make plan here, if I do get the d...
Victor A.
Checkbook SDIRA LLC - how are taxes handled?
I am planning to open a Checkbook Self-Directed IRA LLC through a custodian that supports these accounts. I understand that you also need to obtain an EIN for the purpose of opening a bank account in the LLC's name, ...
Rufus Marley
Taxes
I've been looking through the forum for a bit and I've seen bits and pieces about taxes, but I wanted to know if profits from wholesaling is considered earned income or not. I also wanted to know how entities get tre...
Zach P.
FICA TAX Question (EMPLOYEE and EMPLOYER/EMPLOYEE SIDE BUSINESS)
I'm hoping a tax expert can answer this question I have. In my current job, I make close to the fica cap which my employer pays both employer and my portion as the employee. I only contribute the matching 5% to my 401...
Erik Kubec
Solo 401k Equity Trust Company, Single member LLC: 1099 income not eligible?
Hello folks,I have had a Self Directed IRA at Equity Trust Company for a couple of years and highly recommend the company.As part of our retirement plan, my wife and acquired 4 investment properties as follows: 3 SFR...
Al Brennan
Tax on new build sale?
Hi all,I just joined and hope I am posting in the correct forum.I plan on buying a one acre lot near where I live to build a house on and then to sell it when it`s completed. My question is will I be taxed heavily on ...
Rich Riesmeyer
Seller financing and social security benifits...
As I understand it, if you have not reached full retirement age, 66, your social security benefit will be reduced if you exceed a certain earned income. Rental income is considered passive, so that does not redu...
William Lackey
Business for landlord
Wife and I flipped our first property in 2020. Recently purchased a duplex and we will rent both units. What kind of business can I start to take advantage of tax deductions. My wife and I are both W2 employees and ma...
Chris Melear
Contributions to my Roth IRA with profit from flips?If unemployed
I'm currently unemployed and have an open Roth IRA. I have just rehabbed and flipped my first deal. I wanted to know if Im able to make contributions (monthly when I was employed) to the IRA since I'll eventually be...
Jose Laffitte
Selling property in a different state
Hello all,I have a question about taxes on a property you sell in a different state. For example my W2 job and my LLC are both in Florida but let's say I buy and flip a property in Georgia are those taxes settled at t...