Gilles D.
Liability issue and optimal tax structure
Hello everyone,I am an overseas investor and own 3 SFH in America.Currently, they are owned in my personal name.I know putting the properties in an LLC, even if it's solely used as a pass through entity, provides me w...
Cynthia Walker
Tax Liability for Private Money Lending
Is an out of state private money lender taxed twice on the interest income? If so, what are some ways around that. I have someone who is interested in investing in one of my projects who lives in Illinois and I am in...
John Lopez
Tax liability on cash out refi
BP, please provide your insights on the following scenario: If I owned a property outright and did a cash out refinance where I pulled out 75% equity, my understanding is that would be a "non-taxable event". Then, fol...
Mark S.
KY LLET (Limited Liability Entity Tax)
I received a letter in the mail from the Department of Revenue in Kentucky prompting me to register online for tax accounts for my business (I started an LLC in 2016 in KY for the purpose of asset protection for real ...
Mark A. McElhannon
Tax liability when selling investment property
I have basic question that I'm still unclear on. I'm looking to sell my first SFH, which I've owned and rented for 17 years, for a profit. I'm unsure of the tax liability/taxable gain due after the sell. This will det...
Andrea Ward
Tax foreclosure on vacant land- liability
I recently purchased a small tract of undeveloped, heavily wooded land in North Mississippi in a neighborhood. Because I’m unable to obtain an insured title for two years, I did not plan to invest in this property unt...
Casey Gilbert
Tax liability on total loss insurance payout
We lost our STR this spring due to a wildfire. Our insurance (replacement policy) has paid out the cost to rebuild which our mortgage company is holding. Every cent of this insurance payout will be going to rebuild th...
Ibrahim Hughes
Deficiency Judgments & Debt Relief Tax Liability
If a seller of a vacant (and run down) property get's debt forgiveness in a short sale, are they liable tax wise (to the IRS) for the forgiven debt if the house was a rental at the time of purchase?
How about it was ...
Amy E.
Multiple LLCs - Tax and Liability Structure Questions
Am having trouble finding a real estate business attorney in Middle GA. One who can explain liability exposure to me, not just handle closings. So if you have a referral, please send it my way.That said, I want to b...
Matthew T.
Limiting Tax liability as a flipping company
I started another LLC in 2017 with a focus on wholesaling and flipping homes. We held nothing in this company and sold everything no longer than 5 months. Our CPA is saying we will be classified as a dealer/trader a...