I know ultimately I need to ask my accountant but he’s busy and expensive to ask preliminary questions. I won some land at a county tax auction. My agent has done some research and determined that I’m able to sell it ...

We sold a property last year and are carrying the note. Buyer has been making monthly payments and is due to make the balloon payment in a few months. I'm wondering what the tax implications are for both the payments ...

I'm planning to partner with a friend on two flips in 2014. We will each be contributing equal amounts of money to the projects. Since I only anticipate doing two flips next year I'd prefer to declare the profits...

Hi, I am a rookie and would appreciate very much some help with preparing my 2018 taxes. I imagine many folks who start out  have similar questions and experiences. In December 2017 and early 2018, I looked at some ho...

Confirming that (generally speaking) a property owner will likely have to report any cancelled debt from a short sale as income? Any way around this if true?

I signed a note with an individual and then used all the loan proceeds as a down payment on an investment property. I have recently paid this off in full, including all interest due and am wondering if there is any w...

I just purchased a 2 family home which is being rented out. Are there any NEGATIVE things, tax wise, that come from purchasing a home? I know I can write off expenses, etc to help me out....but anything with a negativ...

I am new to BP, and have spent hours combing thorough the forums...  it is remarkable how giving and generous so many of you are, thank you.With that being said, I am looking to build my first spec home.  I have learn...

A few days ago the California Assembly passed SB 9, which now needs to go back to the Senate for a reconciliation process and then go up for signature by the governor.  If passed, it would be a step towards resolving ...

I initiated a 1031 on October 18, 2017 (a flip I owned for 4 months), and now realize it may fail.  However, I've already filed a 2017 return.  Will the sale be recognized by the IRS as a short-term capital gain in 20...