John W.
Buying a used car for LLC, %100 business use
I would like to buy a used car for my LLC, 100% business use. It would be under 6K lbs. Would I be able to deduct the cost against capital gains profits of my LLC?Sorry, I know this has been talked about but I was una...
Bill Hampton
For Tax Year 2016, IRS E-File Closes on November 18th
For Tax Year 2016, IRS E-File Closes on November 18th; After That, Disaster Victims, Others Need to File on PaperWASHINGTON —The Internal Revenue Service today reminded people, including those in disaster areas, who w...
Rich Weese
3.8% tax on future real estate sales!!!!
There is a provision for a 3.8% tax on real estate sold beginning in a couple years as part of health care bill! I did try to verify with snopes. It was confusing and only discussed in terms of owner occupied sale. Di...
Matthew T.
Limiting Tax liability as a flipping company
I started another LLC in 2017 with a focus on wholesaling and flipping homes. We held nothing in this company and sold everything no longer than 5 months. Our CPA is saying we will be classified as a dealer/trader a...
Ethan Borshansky
Can you 1031 Exchange into capital improvements?
Is there a way to sell through a 1031 Exchange but then put the proceeds directly into a bunch of capital improvements at an already-owned like-kind property? This way you do not necessarily need to identify a new pro...
Justin Summers
Dealer vs INvestor IRS classification
I own a Real Estate C Corp that Flips properties. I also own a construction/ design company that gets paid from the C-corp through a 1099 each year when I do construction or design services for the C Corp.
Averagi...
Qi Ming Chen
Using 1031 exchange proceed for partnership
Does anyone know if it's ok to do a 1031 exchange and use the money to jointly buy property with somebody else or does the owner have to be the same person and no one else?
Tamara Glass
1031 Entity Question
Hello,My husband and I are selling a rental property that is currently held in our name. The bank won't let us move it into an LLC without a full refinance. We had hoped to use the proceeds of the sale in a 1031 Exch...
Shawn H.
Military, LLC and first multi family rental
I have two questions hoping y'all can help me out with. 1) I'm purchasing a multi family property in my personal name. Should I set up an LLC to manage the property? (For ease of separating expenses, write offs, payin...
Adam Binder
1031 Exchange when have plan to close the LLC
Hello - I'm new to posting to BiggerPockets, so please let me know if this should be posted to a different area.We moved to TN, and have decided to close our LLC in Michigan. The last property under the Mi LLC will be...