Jake Plumber
Who's Liable for IRS Tax Lien Complex Situation
Thanks in advance for the help!John has 5 properties. John has a $100,000 IRS Tax Lien. Buyer 1 buys one of John's property through a tax foreclosure sale, no notice is given to IRS of sale and it is in a non-judicia...
Joseph L.
Purchasing Property Situated Across Two Separate Tax Parcels
Hello All,In Louisiana, has anyone purchased property situated across 2 separate tax parcels? And if so, did you use 1 purchase agreement or 2 separate purchase agreements to correspond with parcels.I'm working to get...
Joe Schultz
Any tax deduction for new vehicle, my situation?
My income is mostly from rental property (single family) but I still do some residential construction (mostly remodeling).my pickup (07 Tundra has a transmission issue - for now just a check engine light) will need re...
Adama Bah
How to pay less tax with this situation?
Situation:1- W2 employee making $230000-$300000 a year. 2- owned 2 properties under personal name, 1 in LLCWhat are the best way to get tax benefits ?Renovated a house-hacked but because of the income, we could not de...
David G West
Cap Gains on Re-entering ownership
Hi,We bought a property last year thru an LLC and the previous owner was there for 2 years so he sold it with no capital gains. For various reasons, we are partnering with the previous owner again and adding him as a ...
Joseph Gisler
What Questions to Ask a CPA
I have a phone call with a potential CPA that has been referred to me by a colleague but I want to make sure I ask all the proper questions to ensure they can properly assist in maximizing my tax deductions for my rea...
Corey M.
Cash out refi from primary residence - tax deduction?
If I take equity out of my primary residence by doing a cash out refi, and that equity is used to buy a rental property, is the mortgage interest deductible? Everything I've looked at seems to point to it only being a...
Ryan Knapp
Cost Segregation Companies
Does anyone have any experience with Cost Segregation Authority, Engineered Tax Services or Baker Tilly?
I've gotten some estimates and a study and seeing wildly differing numbers as far as tax savings as well as...
Keith Dalhaus
Taxes on rental income
Hello,My name is Keith, I'm new to the site and just beginning to do some property analysis. My question is on how to account and plan for any taxes I will have on rental income I receive. ( keep in mind my calculatio...
Danielle DeCormis
Quit Claim Deed to LLC Tax/Legal Question
I am looking to purchase a property that falls under the minimum limit for DSCR but qualifies for a conventional loan. If I purchase this and quit claim deed it to my LLC, who pays the mortgage? Me or my LLC? Does t...