Brittany Fife
Taxes
I am new to the multi family investing business. I was wondering how much cash should I put aside for taxes? We don't have a state tax so should I save 20% for federal taxes?
Alex Petrov
Is the CPA location matter?
Should you hire a local CPA to your investment location/physical location or it doesn't matter?Thank you!
Xuan Ni
S Corp estimated tax mistake
Hi there,
I just started an S corp and was trying to pay the estimated tax for 2020 first quarter. I received a letter from EFTPS so I went ahead and paid the tax with Form 1120 -- federal tax deposit, but later I k...
Account Closed
Solar Panels as investment on Personal Residence
Hi all, My wife and I live in a small town that wholesales our electricity to us. That results in our electric bill being higher than surrounding areas. Already this year they have raised the cost of electricity resul...
JD Martin
Cost Segregation data 2022 Q: bulk or list each item individual?
Good evening tax pros! I am running my sample 2022 tax return in order to figure out how much federal I'll owe for the year. I bought a property this year that was a good candidate for a cost segregation study, and I ...
Ilan M Aliphas
Paid IRS after Audit. How does that impact my return for 2020?
Hello,I asked this question to my CPA and the answer didn't make sense to me. Last year I got audited for my 2015 CA state tax return. That year I did my taxes on Turbotax and fell for a misleading Turbotax trap. I ...
Steven Gillmer
Out of state investor tax filing question
Hello all! I own a duplex in the city of Cleveland and would like to know if I need to file a tax return with the City as well as the state. I viewed the website and found a form that appears to be for rental income b...
Account Closed
Tax on gift from foreign person
Hi,My parents are looking to gift me and my sister some money this year. I did some research into the rules on taxation for gifts from a foreign person and wanted to confirm my understanding (given innumerable loophol...
Account Closed
negotiating with lien holders after sale - purchase @ sheriff auction
Just left the Sheriff's Auction here in Omaha this morning. One of the properties I was going to bid on has a $17,000.00 federal tax lien on it, $63,000 mortgage which is in default, $6,000 in back taxes. This auction...
Corey Dutton
Deduct Capital Gains Tax from Your Real Estate Profits
Capital gains taxes can take a huge bite out of a real estate investor’s profits on the sale of an investment property. This is because an individual, who has capital gains income, is subject to both federal and state...