Gary Li
How to File Tax Return for LLCs in Living Trust
I just Transferred AAA LLC (me and wife owned 50%-50%) and BBB LLC (me 100% owned) to our revocable Living Trust, before AAA LLC file Tax Return with form 1065 and BBB LLC file Tax Return with Schedule C, What form sh...
Account Closed
How does new tax plan affect REI?
So the new tax plan was finally unveiled and I noticed it curtails deductions for business interest, but there are "special rules" for real estate and small business. Can anyone confirm....are we still going to be a...
Anna Maher
Getting a Mortgage without W-2 Income
I'm considering quitting my W-2 job to focus full time on my real estate business. We have enough passive income to live on and would supplement with house flips, etc. Does anyone have experience with how this would ...
Shane Elias-Calles
DTI Calculations for New Loan
Hey BP,
I'm running into some DTI Road blocks and am looking for some help. I was under the impression that if you buy a new rental and the debt service coverage is substantial enough, then the DTI is essentially a n...
Mike Finn
Tax implications of selling a rental property
Hey everyone, new to BP and have lots of questions. Sorry if this question is too broad or basic.I am trying to understand a basic tax scenario. Let’s say you sell a rental property for a 100k profit (just to make it ...
Sean Harris
Pulling out 401k money for investing
During this whole Covid19 epidemic my 401k investment firm is offering that they will waive the early 15% penalty to pull out up to 100k with no payback. I know there will be taxes due in doing so but I have never see...
Michael Weis
Buying across the street from a major new mixed use development
In expanding my horizons beyond my high tax town, I have found a house in a nearby town that has much lower tax rates and seems like it has good potential. What is giving me pause is that as part of the town's effort ...
Alan Lafontaine
What to do with 401k
Hi BP Universe! I'm in my mid-50's and just starting out. I have a small 401k of around $20k. At this point in my life, I see little opportunity for big growth in that plan. My question is, would it be wise to close...
Elizabeth Conklin
HELP! HELOC has resulted in drop in my credit score
Looking to all of you (the experts) to find out how I can successfully carry mortages on multiple properties without impacting my credit score. I have one conventional mortage on my STR and just starting drawing on ...
Catherine C.
Moving money from LLC bank account to personal Roth IRA
Hi All. What is the best way to do this? There is money in our business LLC bank account, however we'd like to transfer $6000 (the annual max) to a personal Roth IRA. Any tips appreciated, thanks!