Account Closed
Eligibility/ Clarification 199A and Self Directed 401k
Me and my partner set up an LLC in CA (taxed as a partnership) in 2019. We are the only individuals in the company and performed over 1000hrs each this year and will continually maintain those hours developing our lar...
Marc S.
Escrow Question for 1st Property
Good evening BP, I have an escrow question.
I will be closing on my first property next week and although I am nervous and freaking out still, I am excited! As I'm sure everyone felt when they closed on their first ...
Edita D.
Penaltiies due to owing IRS in backtaxes
Hey guys!I submitted all requested paperwork to our accountant on March 30th, 2016. When I had my appointment, I explained that we need to ensure to submit the taxes ON TIME as we may owe in back taxes, in which case ...
Carmen Ngai
Depreciation and tax liability
Hi Everyone,
I am just starting out and looking for a rental property. So, I have lots of questions, especially about depreciation. I'd like to evaluate how it affects the tax consequence when I sell it some day....
Rudy Estrada
Question regarding LLC EIN
I recently created a TX LLC to buy and hold rental properties. The LLC has 2 members and when I registered to get an EIN with the IRS, my registration got switched from an LLC to a Partnership. The IRS website mention...
Michael Plaks
Sch C reporting of installment sales for residential lot dealers
I usually answer, but now is my turn to ask.Dealers of residential lots are allowed to use installment sale method. If said dealer operates as an S-corp or partnership - reporting is fairly straightforward. But what i...
Ray M.
Overpay for Grandma's house to save on Taxes??
Is it possible to overpay for Grandma's house and have her gift the difference back to me?For example: Say the house is worth 100k, I pay 150k cash for the house with a plan to fix it up and flip it in a few years. Gr...
Scott Johnston
Cash out refinance distribution to investors (tax implications)
We are looking at building a model where we refinance to pull cash out and return capital to LPs. Typically cash out from a refinance is not taxable but does it become taxable if excess is given to LPs beyond their in...
Mary Jay
Landlord's taxes in Florida
Hi guys,those who live in Florida or have rentals in Florida.When you do you taxes, do you file with the Florida Revenue Department?For example, I lived in the past in Arizona, so when I do my taxes I print 2 copies, ...
Travis Wood
Rental property keep or sell?
Hello BP community, I have a rental property I previously lived in for 10 years and have rented out the last 2 years. I have about 75,000 in equity in the property and it cashflows about $250 after all expenses (Maint...