Gary Li
How to File Tax Return for LLCs in Living Trust
I just Transferred AAA LLC (me and wife owned 50%-50%) and BBB LLC (me 100% owned) to our revocable Living Trust, before AAA LLC file Tax Return with form 1065 and BBB LLC file Tax Return with Schedule C, What form sh...
Michael Cross
Tax Return Needed? - Single Property New 2018 LLC No Income
I created a new LLC for a property i bought with a partner in October 2018 to rehab and rent. We are still rehabbing that property so have not made any income from it yet. Renovations should finish this month.Do i nee...
Benjie DeVera
Advise Needed from Lenders: Tax Returns Weight on Loan Application
Hi, I'm currently working on my 2014 taxes. This 2014 taxes will be the most complicated one by far, with itemizing RE expenses, etc. I do have an EA doing it, so I'm just trying to plan for 2015, as I plan to purchas...
Blanca Cortes
Uncertain feeling about irs return tax person and my section8
I'm a Section 8 tenant I got a person to do my taxes I did the non-filers when the first stimulus was announced I filed it twice and certain I messed up. I got my stimulus for 1700 second for 1400 then the 3rd 2800 ...
Ivan Souvorov
How do I avoid paying tax a private loan return?
Hello all,A few years ago I let my friend borrow 40k for a real estate project.A good portion of those funds are being returned to me this year.Is there anything I need to do specifically with the IRS to avoid paying ...
John O'Brien
1099 Help and Impact on Part-Time Worker Tax Return
Hi All -I have a family member doing some handyman/property management work for my portfolio of properties in NJ. For example, he cuts the lawns, fixes things that break along the way (shelving, doors), and will also ...
Ken Dayal
Equity Line - NJ Primary Residence - Low income on Tax Returns
I have a client looking for a home equity line on their New Jersey primary residence.House is paid off, market value 500kThey used to have a business but retired 2 years ago and last few years returns have not shown m...
Rene Bee
CPA wants to see previous tax returns before intro call
Hi Everyone,
I am currently looking for a CPA with real estate experience. Please send any recommendations. I reached out to 2 CPA's and both said they wanted to see my previous returns BEFORE setting up an intro ...
Account Closed
Tax Question: 2 Partnership returns? Can you split a 1099?
Hey all,Myself and 2 other partners had a great 2015 starting our rental property business! We have 5 properties all purchased in 2015. 4 Condos- 3 purchased in all 3 of our personal names, 1 purchased in a LLC with ...
Michael Moreno
Seeking Advice on Amending Tax Return for Rental Property Expenses
Hi everyone,
I recently purchased my first single-family property in 09/08/2023 and converted two smaller rooms into rental units while occupying the principal room. I invested approximately $4,000 in furnishing thes...