Elena Pech
What are the rules of funds redemption after foreclosure auction?
I found an attractive multifamily property going for foreclosure.
Property assessment price is around 1M. Unpaid mortgage on this house is about 500K.
In one of the adds about the upcoming auction I found a note:
...
William Stinson
Employee approached me about doing a secured promissory note
I recently had one of my 1099 employees approach me about helping him deal with some back taxes that have come to a head and he is running out of options. He owes $60,000 to the IRS from 2004 taxes and he has asked me...
George Eliot
Is a CL ad sufficient to prove intent to rent?
Hi everyone,
I own a house that I plan on renting after I make some major repairs. Is a CL ad sufficient proof of intent for the IRS, or should I run a print ad before starting repairs?
Thank you!
Walter Correia
I want my money back from uncle Sam
My wife and I currently own a owner occupied 3 family. We live in one of the smaller units, 2 bedroom 1 bath. We have a spare room that i use as an office sort of. Its where i write off my expenses. How do I know if ...
Salman V.
There's a smell killing me and I've tried everything ... help!
I have a 6 unit apartment building. There was a moldy mildewy smell coming into both of the two bottom units that are below grade. I fogged it for mold .I used a concrete sealer on the floor. I inspected the main sewe...
Curt Smith
Rescinding real estate professional status, why I'd like to...
I've read in other tax forums assertion of IRS auditing real estate pro's... Just another issue. My guess is that risk comes from actually negating ordinary income with real estate losses in execess of >$25k. ...
Travis Hannon
IRS Auction Property - How to obtain Title Insurance
I acquired a property from an IRS auction. The sale occurred on 7/28/16. The 180 redemption period ended on 1/24/17. I received the Quick Claim Deed from the IRS on 1/31/17. I have since remodeled and have the pro...
Bruce D. Kowal
Be a Pal! Send someone a 1099 to keep them honest
If you paid anyone for services in 2021, more than $600, then you should send them a Form 1099-NEC. It's not a favor, it's actually required by IRS. If it's late, there is a penalty. Less than $300. You might get ...
Alan Grobmeier
BRRR & IRS Tracing Rules
Has anyone run into irs tracing rules when doing a Brrr or cashout refi on a rental?Here is a link:https://borelassociates.com/wp...ThxAlan
Engelo Rumora
IRS Is F@#$ing Me. Please HELP!
G'Day folks,
I've reached out to my legal and accounting team for referrals but they had none.
The IRS is absolutely useless and we have tried dealing with them for over a year now on this matter.
At the point of j...