Matt Smith
121 exclusion. State or Federal law?
Is the 121 exclusion a federal tax law or a state tax law. Someone asked me this and I always just assumed it was a federal law. If this is the case, would you still be subject to the state capitol gains tax.
Mike Schorah
How does a medical marijuana worker get a loan?
I did an interview last week for a business/office job but within a medical marijuana company.
I’ve never interviewed with a company that experienced the level of growth that they are experiencing. They went from 1 ...
Aaron Hunt
Are you #itemized in 2018?
How many BPers were able to make money moves in 2018, and stay itemized with the new tax laws and higher standard deductions going into effect?What were your big moves of 2018 which made sure it would happen?
David Williams
Capital gains question
If I owe $350k mortgage and I take out $100,000 HELOC and spend it on say a 6 month CD,
And then I sell the house for $700k
I would only have $250k profit right? Then I’d avoid capital gains tax in Massachusetts?
Nick Am
Setting up a management S-corp for managing rental property owned by an LLC
I own a rental property through a single member LLC (say LLC-A) and I am in process of purchasing another property under the same LLC-A. Currently, I am self managing all the operations. LLC-A is a disregarded entity ...
Aleksandar Tanev
Improving Debt to Income ratio by renting to my wife's business?
Hi Everyone,
I am about to start my real estate investing journey, but my debt to income ratio is not that great.
I own almost 500k on my primary residence, and lenders don’t find me very attractive anymore.
My wif...
Caleb Fillip
Excel Spreadsheet for Calculating Capital Gains Tax with Income
Does anyone have an excel spreadsheet with formulas that calculate federal capital gains tax based on assumptions for capital gains AND income?I can calculate capital gains in a vacuum assuming $0 of ordinary income, ...
Patrick Britton
need for file taxes for short-lived LLC?
Would I still need to file a return given the following circumstances?1. single-member LLC in Michigan2. formed in October 2019, dissolved in April 20203. no purchases, sales, bank accounts opened/closed, nothing. ...
Joshua Tucker
Tax breaks on tribal land
What specific tax benefits can high net worth individuals receive from building real estate on tribal land?
Arthur Voskanyan
Real Estate Income & Taxes
If I have multiple investment properties and over the course of my time owning properties I realize that if I choose to re-sell the properties any profit I would make on the properties they would be subject to capital...