Yawiney Yawiney
Capital gains question
I'm about to make over 500k on the sale of my home. It's been owner occupied for the past 2 years and my income in '18 and 19 has been very low. Under 20k.With that low income, can i still be charged capital gains?I...
Mike Miller
How does your CPA view this?
To you veterans out there that sell homes on the lease option “rent to own” model: If you repeatedly sell houses within 1-3 years, couldn’t they technically be viewed as inventory by the IRS and taxed according your i...
Bill Cippola
Tax consequences. straight sale vs owne financing
WE are in the process of selling some land in Georgia we inherited back in 2014. We are Georgia residents. Without going into detail it was part of "gift" giving on a planned inheritance schedule below the max gift th...
Account Closed
Tax Deduction Clarification...
Can anyone help explain how this works for an investment property? In order to arrive at an estimated value of tax deductions for a rental property would you:A) Add up your annual depreciation, operating expenses and...
Fayyaz Bhinde
Bought a house in personal Name, want to sell from LLC...no?yes?
Hey guys, so some background. I bought a tax foreclosure property under my personal name. I now have a buyer for it, but want to do a quitclaim deed and transfer it into a LLC before selling it next month.Is this a go...
Thurman Schweitzer
1st Year Pay Property Taxes in 2017 or next?
Ok, I purchased 2 new properties in August. After rehab and lease up activities, they are positive cash flowing now in November. In Texas property taxes are due on Receipt but not late until Jan 31st next year. My ...
Steve Lee
Tax implications on Flipping houses in Seattle
We are rehabbing a house in Seattle and trying to figure out what is the best way to flip the house and pay as little tax as possible on the net profit portion (I assume). The house is under a single person LLC (which...
Patrick Thomas Mc Manus
What tax percentage should I factor into my equation?
Good morning dear BP members,
I am analyzing the below rental property deal in Florida:
Purchase Price : $ 50,000 (including closing, cleanup & rehab costs)
Amount Invested : $ 10,0...
Tanner Crawley
Need Taxes Help, looking to chat with a CPA!
Hello, I have a partner and we are looking to form a partnership to buy a duplex. I am a bit confused as to how write-offs work within pass-through entities. Does each person write off interest and depreciation relati...
Matt Rhoney
Short-Term Capital Gains - Regular Income?
I have a quick question as to how the short-term gains are taxed (ie tax bracket). I've flipped a 2 properties under my LLC this year (outside of my regular W-2) and trying to get an understanding of what to expect.