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 ...
Miguel Ochoa
Do I have to pay taxes on CA rental income if I move to TX?
Hello all If an investor has a few rental properties in California and decides he wants to move to a tax free state like TX how would the income generated from the California homes be taxed? And would you be able to w...
Marco Bario
What Are Your Investment Goals?
I live in Southern California where we're lucky to have a number of long-running investment groups. No matter the topic, I enjoy attending meetings to meet other investors face to face. This week I've been busy - atte...
Evelyn Guo
K1 loss tax report for non-resident state (NC)
Hi, I am using Turbo tax to file K1 form, the NC state tax is filed as non-resident alien. I had a passive loss form the syndication, I am not sure whether I should input 0 or the actual loss number in D-400 Schedule ...
Frank S.
Spreadsheets: Should depreciation and taxable income be included?
Like many of us, I have created my own spreadsheet calculator to analyze multi-unit properties. I am struggling to understand how depreciation and taxable rental income should be calculated in the spreadsheet.As I cur...
Buddy Holmes
Georgia Non Resident Long Term Capital Gains
I am selling a home in Georgia as a non Resident.I am told a 3% of Cap Gaines will be with held for the GA IRS.I read that GA Capital Gaines tax is 6% and they seems to be no Long term/short term differential.I unders...
Sean Jafari
capital contribution to my S corp
I listened to my real estate agent and opened up an S corp few years ago, since then I have purchase a few rental properties and was able finance a 2 of them and purchased the rest in cash. is financing/buying a new ...
Young Moon
Tax question regarding Apartment investment
I am looking to purchase a 28 unit property and have a money partner. I am looking to either set up a partnership or a LLC. The idea would be that I would act as GP/manager of the entity and have him be an LP/non-ma...
Scott Hurst
recapture of depreciation in an IRA
I've been told that the IRS requires you to depreciate a residential rental even if it is in an IRA but you do not get to take the deduction. And, I'm told that you recapture the depreciation at 25% when you sell the ...
Neil Fein
Risk Free Working Capital with ROI Guaranteed
With tax rates set to rise for both Corporations and high earning individuals, now is the time to do strategic tax planning for the next few years. Our structure works best for LLC/LP's that have taxable income in the...