Debra Mowery
Taxable Deduction of Deposit?
I put $50,000 down on a property that I am buying through the owner. The closing is in January. How can I deduct this on my taxes?
Gary Michalske
Basis for Taxable Income
Hey there BP Tax experts,I have a question regarding taxable income from property sales. I have a CPA that does my taxes but I’m not convinced he’s an expert on the real estate side of things. And furthermore, if I c...
Sally Forth
LLC Loan Taxable Event?
Hello, we have had an investment property in an llc for many years. We now want to take a loan against the llc property and use the loan money as a downpayment on a vacation home. The vacation home will be in our na...
Bram Spiero
Taxable income and expenses
Listening to the latest podcast with Natali Morris got me confused about what is considered taxable income from real estate and how the legal entity influences this.She claimed that if I hold an investment property in...
Martin Silverstrim
Heloc vs taxable investment account
I'm just getting into this. Have a good full time government job, decent savings in 401k, am also locked in for my National Guard pension in two years ( but cant collect until I'm 60) and have my home paid down to 80...
James Hedgecock
Non-cash partner - Taxable Event?
I'm trying to structure a California LLC as the non-cash partner. My partners are bringing the cash to the deal. We are building ground-up condos and planning to hold them for rent long term. I found the property and ...
Ike Mouser
Wrap around mortgage income taxable?
I was considering becoming an expert in wrapping SFH's as my start in RE, but have a few questions? Typical rental income is usually not taxable when all deductions are accounted for. Given that wraps dont have the ...
David Chappell
Taxable Income higher than Cashflow?
Hi everyone, I am running the numbers on a potential property and Im making sure I am doing this correctly.Here are the #s, if these look right I am paying $803 in taxes on a property that Cash flows $1,574??
Gross...
Paul Rising
Gross Income vs Taxable Income
I am trying to understand taxable income on rental property. As an example, if I have 7 rental properties with a gross income of $110,868. My profit after operating expenses and depreciation is $41,262; is the $41,2...
Johnny Forgione
Taxable Income for Loan Mod
Hi Everyone, Looking for some help on a tax issue.I have a borrower that wants to do a loan mod on a loan that matures September 1st, 2020. The borrower last made a payment in July 2018. This will actually be my first...