Joshuam R.
SFH personal rental transfer into SMLLC
What is your experience in doing so for the following areas:- Landlord insurance policy (I learned and confirmed with agents that my name would remain, and we just go ahead and add the LLC into it also) (This will als...
Tony C.
Filing a 1065 Partnership return Husband/Wife vs Schedule E
We (husband and wife filing jointly) are looking for a CPA. While interviewing CPAs to file our 2012 taxes we are trying to determine if we should file a partnership return or listed all of our properties on our ...
Jeffrey Hayes
Help! Best entity to form for flips for tax liability
Hi, I'm a real estate broker/investor in Tucson, AZ and I have been flipping houses for several years now. I am just about to be a licensed broker up in Colorado and I will be doing flips up there also. As of right...
Account Closed
Can I deduct renovation cost on rental property ?
Hello fellow investors, I am to bigger pockets member and have decided to get serious about investing into real estate. I have a question about tax deductions. I have had a rental property for 10 years , last year I ...
Bryan Snyder
CPA in the house? Quick question...
If you have your properties in a LLC and have separate business accounts are you only taxed on money you take out (salary) from the LLC? If there is extra cash that I could be pulling out as salary but don't and it st...
Mesbahul Hoda
LLC Question
As real estate investors, we form business entities to take advantage of liability protection and take advantage in tax savings. I have always read that if you are flipping real estate, you should do it in a S Corp a...
Regina James
C-corp vs. S-corp
So my tax accountant filed my 2015 real estate LLC tax return as a C-corp rather than with the S-corp election. This has brought any new bank loans for refinancing or acquistion to a screeching halt. Looking for inf...
Arthur C.
Urgent - LLC to be taxed as a S Corp
Hello BP Community,I have an important tax related question that I need someone to help answer. I have created my LLC back in July 2018 and started my first flip in August 2018. I actually had 2 months and 15 days to ...
Wendy Vaidic
De Minimus Safe Harbour
Hi Everyone!I have researched De Minimus Safe Harbour election & it sounds like a very beneficial tax election.My understanding is:1. You can writ-off, instead of depreciating any item under $2500.00 ($5000.00 wit...
Janet Valdivia
Sale of rental property / expenses between rental and sale
I have read IRS publications and scanned forums but can't find a direct answer to my very specific questions. I sold a rental property last year. The IRS says "Vacant while listed for sale. If you sell property you ...