Navid A.
What is my LLC classified as by the IRS?
I have a LLC with my wife and I listed as members under the Articles of Organization. Does the IRS consider this LLC as a sole Proprietorship? Also, since it's a pass through entity, I don't need to file a separate re...
Alex R Clemens
Are Zillow sold prices reliable?
I am very suspicious of sales prices since many might be a contract sale. Seller (or Zillow,etc.) would report the full contract press but later agree to amend (reduce) that contract. Would such amendment ever get re...
Xavier Pinkett
LLC, Annual Meeting requirements?
I’ve read that annual minutes are not required unless directed by state law or operating agreement. If this is true, I am thinking about amending my OA and removing the annual minutes requirement. Are you guys keeping...
Tammy Helble
Any ideas on saving on capital gains...
I am due to recieve 50k in captial gains from an inheritance this week which falls under my 2022 taxes (that now has to be amended). In talking to my tax lady that 50k throws me into another tax bracket which has me l...
Dan Host
Financial folks, I'm stumped. What's my best first loan option?
Hey there! Sorry for the long post. The urgency will be clear by the end, I promise. I'm ready to buy (or so I thought) my first investment property. I've got great personal credit, about $70k in liquid assets that I'...
Reid Isaki
have carry over losses forgot to file form 6198
I looked at filing an amended return but it doesn't really have any line items for carry over losses from rental property from the previous year. I know I needed to file a 8582 and a 6198 but only filed the 8582. Is ...
Kim Tucker
Interior Rental Inspctions on the August 7th Ballot in Kansas Cit
This is important, sorry for the links but can't see any other way to get the message across. Any person who invests in real estate in Kansas City needs to know this information.There is a new ordinance for Kansas Ci...
Account Closed
IRS Change - Form 3115 (Application for Change in Accounting Method)
I just received an email from my accountant that basically stated the IRS has made some sort of change that will require investors to file a Form 3115 or they may be subject to a higher taxable income due to less dedu...
Nicolas Tow
Re Zoning Property from RS-3 to RT3.5 or RT 4
I recently purchased a 3,125 square foot empty lot in the 27th ward area of Humboldt Park Chicago and I was wondering how difficult it is to re zone from RS-3 to RS3.5 or RT 4. I was hoping to do a new construction Du...
Michael Plaks
IRS misinterprets the 3-yr statute of limitations on amending!
I stumbled upon this article, written by a tax attorney, in a respected tax magazine https://www.thetaxadviser.com/...It implies that the 3-yr window on amending your tax returns and claiming a refund starts on the da...