Tax season is in full swing, and for most individual taxpayers, the looming deadline for filing and payment is Monday, April 18, 2022. However, life can get complicated, and if you find yourself needing more time to g...

So we (My fiance and I) are selling a house on monday that we bought earlier this year. We were going to keep it as a vacation rental but decided to sell instead because we need the money to fix another house we bough...

When is it correct to maximize rental income reported on our SCHEDULE E (Form 1040) for additional mortgage qualifications?For example, an investor already has a few preforming rentals purchased last year. Now that ...

I just did an analysis of 5 PM Software Tools for DIY Landlords under $20/mo. I was not able to find any recent comparisons in the last year and since features and pricing change over time, wanted to share my researc...

I have a Delaware corporation doing business in California. I could sell shares of corporation to a new partner.But I really just want to partner on the flip. We purchase the flip using the corporation and all account...

Hello everyone! TIA for any insight here. A bit of background I am trying to decide whether to sell my current home or keep it for different reasons. Option 1- Sell the house and pay off majority of debt we have from ...

I stumbled across a 5 unit multi-family and I wanted to know if anyone has experience in making the leap from 2-4 family units to 5+ unit properties. What are the potential problems in tenants, taxes or laws and whatn...

I recently just completed the LLC process and got an EIN number. My next step is to create a bank account for the LLC. What type of bank account should I be creating for the LLC, of which my partner and I will have ac...

Honestly, most of the questions I get as a Bookkeeping Professional are tax-specific. I’m always happy to answer but I have to disclaim that, “I’m not a CPA,” and, “You should verify anything I say about taxes with yo...

I have a question on the tax issues when it comes to flipping. If one buys and sells homes using their personal names, and say there is a profit of $50K on house 1, and a loss of $20K on house 2, can we offset them an...