Don Darnell
Adding Capitalize Carrying Costs text to 1040X cost $2000…
Hi, I own an unimproved lot and capitalize HOA fees and property taxes every year to increase the property basis by amending my taxes and adding something like the following “magic” text as required by the IRS:
“For ...
Walt Waters
Logic behind add back principal payments
Hello everyone, Can someone please help me answer this...This question pertains to line 56, "Add Back: Principle Payments" in the REIpropertyanalyzer.xls. I downloaded the REIpropertyanalyzer.xls from BP and it's been...
Mary Jay
How to calculate state taxes on a rental in California
Hi Guys,
If we received 36 k as a rent on a house located in California . Mortgage was 24k. The repairs were minor, so it’s negligible. How much would our state taxes be? (My husband keeps waiting for the bill from...
Jeff G.
Estimating Income Taxes on cahs flow
Why are income taxes never incorporated into cash flow calculations? I am on track to have 6K positive cash flow in my first year for a house I bought this January. I however don't have the slightest idea how much o...
Masashi Borges-Silva
How to Calculate Property Tax in NYC
First of all, I am still new to this forum and REI, and I am doing my own research about REI One of many questions that I have in REI is how do you accurately estimate the property tax that you might potentially buy? ...
Derek Chang
Looking for a good Real Estate CPA in the metro Boston area
Hi all,Guess what, I've been doing my taxes wrong since the start, does anyone have any recommendation for a good RE CPA in the Greater Boston MA area?Thanks in advance.Derek
Kikko Maeyama
Depreciation as profit?
Hi everyone. In calculating on rental property cost/benefit, is it appropriate to consider annual depreciation amount that an investor gets to deduct from income tax filing as part of profit? Thank you.
Christopher Throop
Kansas City MO. Property Tax Rate
I've been looking at properties in Kansas City lately and I've seen "estimated" property taxes from sellers that vary widely--even for properties with about the same value. Can anyone tell me how property taxes are c...
Joe Howell
How to determine Capital Gains Rate
To all the BP Tax Experts,I am thinking of selling my properties and was doing research on capital gains rates. I ran across this article and was wondering about the income threshold. Is my capital gains rate based u...
Tim Silvers
Tax Implications of Seller Financing on rehabbed property
What are the tax implications for the seller of a seller financed property in which the seller purchased, remodeled and sold it on terms?Hypothetical transaction with easy numbers:1) Seller acquires property for $100K...