Account Closed
LLC created in Wyoming, not being operated yet
Hello, BP members!Question here- LLC was created last year (Feb 2015) in state of Wyoming, I am the only member of it.However since I am based in Cali, I assume I need to pay 800$ for taxes? If yes- I do it only thro...
Adam Purden
Would you do a 1031 Exchange if you were in our shoes?
I am in escrow on a condo we are selling for $380K. We have had so many HOA plumbing/pipe issues over the years and we are just tired of the headache. After three major water remediation and renovations, we are over t...
Brad Srutowski
Lived in primary residence in CA 2 years, rented out for 1 year. Will I have to pay capital gains???
We had lived in our condo in CA for 2 years and then rented it out while we rented a house to live in. Since this property was an investment as a rental will we have to pay capital gains on it or can we sell and put t...
Thomas Solorio
Need to refinance multiple properties at once
hello,I need to refinance 2 homes and one triplex. I also have another single family home that I need to refinance but I’m in a 50-50 partnership with my brother as a successful vacation rental. All my investment home...
Rick Harris
Inherited Tenants Refuse To Pay Rent!
Mother passed away Feb. 9. On Feb. 12, I gave her tenants (now mine) 30 day notice to move (not knowing that California requires 60 days). Tenant has not paid Feb. rent yet, claiming that I do not have legal title...
Darsh Patel
Should I create an LLC for my properties?
Hi everyone, I own a few small multi-family properties (8 units total) and I have heard that it is good to transfer rental properties over to an LLC ownership. I wanted to ask what would be the benefit of doing this?...
Robert C.
1031 Exchange Out Of California (Clawback Laws)
Hi,I was wondering if anyone can tell me about their experiences moving money from California to another state via 1031 Exchange. I understand there were some clawback laws passed a few years back, so you eventually h...
Mathew Deines
Californian wants to buy Ohio property - Entity help?
I want to buy rental units in Ohio and I currently live in San Diego, CA. If I am keeping my 9-5 job and only collecting passive income, do I need to register/create a LLC in California and Ohio or just Ohio? My long ...
Travis Langley
Lawsuit against California for Covid relief funds?
We have three tenants who owe a combined $46,000. They all applied for Covid rental relief. One was denied and the other two will not complete the necessary paperwork. I'm sure I'm preaching to the choir on this site,...
David Gwilt
Single Owner S-Corp - Employment Tax Questions
My wife just recently formed a corporation in CA and elected S-Corp status with the IRS (via form 2553). I spent time on the phone with the CA FTB and Employment Development Department, and am still struggling to fin...