Mary Jay
Is it a good idea to take advantage of a COVID 100K withdrawal?
Hey guys,So my 401K company says that due to corona virus I can take 100K withdrawal from my 401K and pay it off in 3 years. (If I dont pay it back then I will be taxed on it so its better to pay it back).1) Is that a...
Mary Jay
how to calculate the tax after a sale of a rental
Hi guys,Can you please help me out?I am in a 30% tax bracket (not sure if this is important)I was thinking of selling 2 rentals.1) Rental 1. Bought in 2009 for 25K, now its 100K2) Rental 2.Bought in 2021 for 145K, no...
Mary Smith
S corp $800 fee in California
I have a new S corp, formed in 2017. In March 2018 I paid the required minimum of $800 fee to Franchise tax Board for the year 2018. Recently, they sent me a refund of $800. I am confused, why I got it.Thank you!
Mary Jay
How to open an LLC if you have no SSN?
Hi guys,my friend wants to open an LLC but she has no social security number and lives abroad.Is it possible to open an LLC without a social security number?Thank you
Mary Jay
What is the proper way to
Can you guys help me out with this?I know that the rents deposited into my LLC bank account can not be just transferred into my personal bank account (Because if I do it then it pierces the corporate veil) 1) But what...
Brian Jobson
IRS Tax Liens
Scenario (using fake names): Kathy and Mike are married but separated. Kathy has a house where the mortgage is in her name only, but the title is in both names. Kathy is looking to sell the house. Problem is that Mike...
Tyler Speelman
2nd home and STR income tax
Hey BP,Purchasing a 2nd home with 2nd home mortgage, but using the home as a STR. 1. Can I use depreciation of the home to offset rental income gains? 2.How do I take advantage of tax deductions if purchased as a 2nd ...
Mary Schlabach
Looking for advice regarding CPAs
What questions do I ask a CPA or CFP? I have been questioning our current tax preparer for a while now. We were notified less than a week ago that our 2020 taxes are now done! Why has it taken this long? I realize 202...
Mary Jay
Each LLC (entity) files its own tax return
Hi guys,Can anybody explain to me please this...Ive heard from one RE investor, who owns about 300 properties, that his accountant files a separate tax return for each LLC/trust, etc (if I understood him correctly)......
Mary Jay
Does seller financing show up on credit report?
Hi Guys,sorry if it is a stupid question.Does the sellers financing show up on a credit report? Or in other words, do banks see it?For example, if I have 10 properties that are seller financed, does it mean I wont qua...