Nate Maier
Tax filing question
Good Afternoon,My girlfriend bought her first single family house this year in the middle of October. She renovated it over the winter months and has a lease signed starting March 1st. There were relatively signific...
Vip Anand
Rental losses for accidental owner
Hello,I bought a new primary last year and rented my earlier home as I am able to cashflow $200 per month (this is thanks to 3% interest rate). If I sold the unit today, I will walk away with $100K in profit after age...
Account Closed
Capital Gains Reporting on Income Statement
Hi all, Last year was the first time I started flipping houses.. on one of my houses I took a pretty hefty loss after selling it and was curious what avenue I take (what form/schedule...) that I utilize to file for cl...
Account Closed
Reduce long-term capital gain taxes
Hello! Can anyone suggest what we could do to reduce the taxes on the significant capital gains from the sale of our property this year? Unfortunately we were not able to perform 1031 exchange due to lack of time and ...
Mariah Jeffery
Becoming RE Professional for Tax Purposes
All,My husband and I own 28 rent units in another state. I co-manager these with my father-in-law. He is local and does showings and maintenance, and sends apps to me for processing. I do the advertising, and have to ...
Jay Peacock
1031 Exchange Debt Replacement - is it mandatory?
I am selling a rental house that I have used as a rental for 20 years so I have a lot of capital gains. I intend to do a 1031 Exchange and buy another house which will be as a seasonal rental. I would intend to rent...
Jack Judge
Partial Disposition on Property NOT In-Service, Yet???
Here’s the scoop…I have a CPA, but he didn't provide me the answer I wanted and/or think is logical when it comes to the topic of claiming "Partial Disposition", so I wanted to put it out to y'all. I'm a business own...
R Oliv
Tranferring property to some1 by adding to Deed
I have a condo in NJ which I bought for a brother 10 years ago, using his money. Now he wants it under his name. He wants me to add him to the deed and then do a refi on his own to pay off what's owed, and take me out...
Bryan Sowieja
Foreclosure when Personal Mortgage and S corp title
I am hoping a tax pro can help with the proper reporting of this foreclosure scenario.
I purchased a duplex and owner occ in 2005 and held title as a single man.
In 2010 I quit claimed title in to an LL...
Esther Thomas
1031 -> primary residence?
Hi Everyone,
I have a former primary residence that I'm renting out and I can no longer qualify for the capital gains tax break if I sell it (have been renting it out for 3+ years).
My question is if I do...