Frank DiGiorgio
Taxes on Property Selloff
Hi All!I purchased a farmhouse on a 5 acre parcel in Upstate NY for $375k. I subdivided 3.5 acres, and kept the house for LTR. I sold the land for $105k and asked my lender for a partial lean release. They agreed an...
Martha Daisley
What is the liability in holding a note?
HelloFor any real estate attorneys in the group. What is the liability in holding a note?I am getting ready to start buying notes from a private lending company. The notes are all backed by investment properties and t...
Heather Hall
Short-term rentals & Tax Deductions
My husband and I plan on renting out our primary home on Airbnb this summer when we are traveling (4 months). This will be our first experience in the vacation rental market (we have previously done LTRs only). We p...
Monica Kovalsky
LLC Accounting Questions for New LLC Owners (cross posting)
Hi everyone!My husband @Kevin Kovalsky and I have been in the process of setting up a business structure for our rental properties where each property is in its own LLC and then all the individual building LLC's are o...
Abdul R.
Bringing cash to US from overseas for real estate
My dad in India who has some cash would like to invest in real estate with me. Anyone knows what is the best way to bring it to USA? Will I need to pay tax on it here in the US before investing? Can he gift it to me? ...
Matt Merriott
Buying a Farm
This maybe a dumb hypothetical question but thought I would ask anyway. My grandparents are getting up in age and have thrown around the idea of selling their house and 80 acres. My parents have a 400 acre farm (gener...
Denise Breheny
Should I buy a retirement home and rent it until my retirement?
I am now 3.5 years away from retirement and know where I want to retire. I found a new townhome development with affordable pricing on new build home. The HOA pays exterior and grounds maintenance, which I feel is a...
Jacky Johnson
What does it mean to run a property at a loss for purposes?
I meant at a loss for tax purposes. Yes, what does that mean? And is it ok to do so? Why or why not?
Asa Ifill
ISO North Alabama CPA
Hello BP,
I am in search of a CPA in the North Alabama area that can answer several questions for me related to Capital and Real Estate.
One question in particular is that I was gifted capital for a renovation on a...
Geri May
Codes for bookkeeping
I have decided to use Xero trial for my bookkeeping, where do I go to get some chart of account codes? I am wanting to know if there are specific codes I should be using for things like travel expenses, rehab, mainten...