So...if one receives a large insurance claim and decides to pocket it initially to pay off a mortgage and later does the property repairs what are the tax consequences? Using the dollars to pay off the mortgage initi...

Hello,From what I have been given to understand from a CPA, he  mentions that Carried over Passive Losses from Real Estate Rental Activity cannot be utilized when you sell only one of your properties in your LLC. You ...

With respect to real estate professional status, are there any limitations or traps for the unwary when electing to aggregate rental real estate activities into one activity pursuant to Code Sec. 469(c)(7)(A) and Reg....

Client's building burned in fire.  Residential rental property.  Fire occured on 10/01/2020. Cost:  $400,000Depreciaiton:  $120,000 up to 09/30/2020Insurance paid $635,000.  Assume no Salvage value.Insurance payment w...

Short term cap gains basically get counted as income...you have $100k income and $100k short term cap gain, you basically have the same as $200k income.I've been very careful over the years and have tremendous carryov...

Hello,

We are learning more of the in's and out's of depreciation, trying to decide how to handle depreciation on some properties.

Basically:
* Our AGI is past the point where we can deduct any passive loss carryo...

I’m interested in investing in opportunity zones, but prefer to invest alone. Much of what I’m reading references partnerships and I’ve read that single member LLC can’t be a QOF. Am I required to Involve someone else...

My wife and I own an LLC 50/50 and the LLC holds title to residential properties. To take advantage of lower interest rate, all banks require us to hold title in personal names. I was told transfering proeprty from LL...

I have been getting prepared to present a seller financing package but I am unsure concerning taxes and the balloon payment. Will the seller have to pay taxes on the balloon payment? If they sell the property in form ...

My husband and I purchased a vacation rental property four hours from where we live in January.  It was gutted when we got it.  Working with a contractor who rented it during the renovation, we got it remodeled, furni...