Kyle Burrows
Sole Proprietorship vs Partnership
Hi BP! My wife and I are purchasing our first rental property and looking to set up a DBA. After researching some information about sole proprietorships and partnerships, we are confused about the right approach. We l...
Mark S.
SMLLC Tax Extension Deadline
If someone files an extension and has a single member LLC (SMLLC), is the LLC’s extension due date 9/15 (or 9/16 this year) or 10/15?Even though in most cases it’s a disregarded entity for tax purposes, in Kentucky we...
George P.
Interest from Tax Liens, LLC and Schedule C
When buying tax liens in the name of an LLC, do I have to fill Schedule C (profit and loss) for tax lien interest (1099INT) or can I show it on my personal return? I don't have any income in the LLC name otherwise.
...
Thuan Pham
Financing my LLC to purchase a rental
Hello All,I have an opportunity to buy a rental for my LLC, Is it possible to loan my LLC my personal funding at a lower rate than what is the bank giving right now?Thanks for sharing your thoughts
Kris Kempe
URGENT Wholesale question
Hey BP family,
I'm currently trying to help out a family in need from having to foreclose on there property by taking over subject to,
it has a high interest rate although the entry is around 20k I want to wholesa...
Steve H.
NRA Investing in USA - Tax Obligation and Mitigation
Hi there, i'm a non-resident Alien (British), investing in USA. I'm wondering if you have pointers, people or ideas for maximum tax mitigation as an NRA?
My situation and current strategy:
- my foreign company will...
Kyle Ritt
1031 duplex into commercial multi family
Hey everybody I have a duplex that I bought in 2016 and lived in for 2 years before moving out and renting both units. I bought it at $266k and it’s worth over $400k now. My goal is to partner with somebody who has co...
Loretta Chavez
Can't write off rental losses until I sell??
Just got our first rental property last year. We put in 25k in rehab plus it was not rented until 2017. My accountant said "Because it was over 150000 (taxable income I assume), IRS carried rental loss over to next yr...
Victor Alfonso
Tax Prep Handling on Partnership Properties
Hey Y'all - Long time BP lurker, minimal poster. I purchased a couple of SFR properties in Metro Atlanta in 2022 with a partner and had a couple questions regarding the tax preparation for them. In the first scenari...
Mary Ciccarelli
QuickBooks - Accounting
My team and I recently created an LLC and are in the process of securing 2 deals that will be owned 50% by our LLC and 50% my our partners’ LLC. How should we go about recording data in QuickBooks. Do we both record 5...