Steve Seerey
LLC vs. S-Corp? New flipper with regular w-2
Hi All.We have decided to explore an LLC for liability reasons for some house flipping. We are trying to see if there are tax benefits and liability benefits to an LLC vs. and S Corp. We have steady income (W2), this ...
Noah Bacon
Who do you have on your Financial Services Team?
When I was saving up a down payment for my first house hack, utilizing a Financial Advisor's services was one of the most beneficial things I could've done to start off my real estate investing journey. Once I closed ...
Gary Li
How to File Tax Return for LLCs in Living Trust
I just Transferred AAA LLC (me and wife owned 50%-50%) and BBB LLC (me 100% owned) to our revocable Living Trust, before AAA LLC file Tax Return with form 1065 and BBB LLC file Tax Return with Schedule C, What form sh...
Victor Williams Jr.
Texas Property Tax Protest
Good Morning BiggerPockets family!Quick question:I own a property in the Valley Ranch area of Irving, Texas. At least once a year I get a letter in the mail about considering protesting the property tax amount that's...
Jeff Brower
Lender wont count rental income in DTI if taxes are self filed?!
Has anyone heard of a newly released IRS rule that requires you to file with a professional if you want to use rental income in your DTI for new loan qualification purposes? I just went to get preapproved and my lende...
Mike Simmons
Filing Taxes with Newly Formed Partnership LLC
Hello all! I bought my first rental property this year with a partner. We opened an LLC together. My question is pretty basic, but since this will be the first time I'm filing taxes with a business, I was curious if I...
Brian H.
Question about accounting/accountant...
Is it pretty standard for your accountant to roll your LLC and Personal taxes into one return? That is what mine did for 2018 and has done with 2019, as I have been paying quarterly so as not to have such a big amount...
Philip Hy
Burning Tax and Legal Questions~~
I've asked a lot of people but not getting any clear answers. These questions are keeping me up at night!
1.) My wife and I want to maximize number of conventional loans. We heard if lenders see that we file taxes to...
Julian Buick
Turbo Tax
I did one flip last year where I partnered with a rehabber. I was the money guy. We made a little bit of money and I'm trying to figure out how to file my taxes using turbo tax. The property was not in my name, if tha...
Daniel Cavallari
Challenging a tax assessment? Worth it?
I was wondering if anyone has any insight into challenging a tax assessment of their property. Is it worht it? I don't actually think my assessment is too off, maybe $4k greater than its value. However I did note that...