Max M.
Closing costs on sale of rental (cap gains exempt)
Good morning,I'm selling a rental property which is excluded from capital gains tax under the primary residence exemption. We have substantial closing costs on the sale, primarily transfer tax and realtors' commission...
Peter G.
Sale of Investment Property - Taxes
I am currently going over my potential tax deductions for 2018 and I have the following question. Does my expenses on the sale of an investment property in the settlements document goes into Schedule E or do I redu...
Sami Gren
Attorney does not have time to close
Hi, I wanted to close this coming Tuesday but my attorney (that I truly fell in with an inexperienced attorney by the way) said that he will not be able to close on tuesday, and it is crucial for me to close on that...
Christopher Albritton
[Calc Review] Help analyzing an SFR Fix and Flip / Rehab
Hello BP Members, and thank you in advance.Question:Is the ROI section on the Flip Calc broken? The analysis below via the link has the following numbers:Purchase Costs: $109,500Rehab Costs: $54,000Holding Costs: $5,8...
Jack B.
Tired of shopping for apartment complexes
Almost every person I deal with wants to only provide proforma numbers of their best case scenario with no capex or vacancy built in. I ask for schedule E and they claim the have only owned the property for 2 years. O...
Lucy Can
How to do taxes on Property Development
We bought a single family home near downtown Denver, gave it to a builder for constructing a duplex after doing a quit claim to an LLC in 2018. The Duplex finished building in Summer 2019 and we sold it in fall 2019. ...
Cooper B.
How to report profits from a flip with a partner
First off, I apologize if this has been discussed in another thread but I couldn't find anything that addresses my particular situation.I am seeking advice about how to report the profits from a flip with a partner. ...
Ryan Fox
Where to find cost basis in tax return?
I own about 16 rental properties. From time to time, I consider selling a property and ask my CPA what he has as the cost basis so I can understand the tax ramifications. Then there's a long wait... Is there somewh...
Allen Ayres
Showing a Wholesale Property
What is the best way to schedule showings when I work full time? Its hard for me to go to the property every time I get a call about it. I tried but it is becoming very trying on me. Could I just schedule several s...
Paul True
Vacant Rental Sold Not held out for rent during sale period
So I decide to sell a rental property within a LLC. for which I am manager. It was listed for sale while occupied but then the renter moved out. Shortly after the property sells. Now I discover seemingly bizarre IRS r...