Johann Jells
What is a reasonable cost for a CPA?
My wife hates our CPA. We don't get much advice, he's disorganized, and the last straw was him sending out a group email to 200+ clients exposing everyone's contacts! That's like a 1998 internet mistake. I would never...
Brandon McCombs
structuring accounting and tax receipts for single dwelling with multiple addresses
Hello,I'm closing on my 2nd property next week. It happens to be a 9 unit building, 2 units of which are commercial. It is situated at a 4 way intersection. The 2 commercial units have their own addresses (313 and 317...
Andrew Postell
Helpful Investor Tax Return Hints
Today you are going to get some really important “behind-the-scenes” information on how a bank examines your tax returns. Often we submit our application for a conventional loan to a bank, someone tells us that it’s ...
Nicholas Schwab
Schedule C sounds like a dream
I haven't seen anybody write specifically about this before. After looking at hundreds of thousands of dollars in suspended passive losses, I'm planning to provide substantial services on my next house hack. This soun...
Lawrence L.
House hacking my CPA says don't claim rental income
I have a one family house renting out the top living in the basement. My CPA says when I file I should not file showing the rental income because if I want to sell then I will not get the 250,000 tax free allowance. I...
Grace Porritt
Should I Pay Myself as a Manager?
I am trying to figure out the best way to take money out of my rental properties with the least amount of tax impact. I was thinking about paying myself 10% manager fee for each of my STR rentals and 5%/month on my l...
Johann Jells
Advice on restructuring into an LLC(s)
My wife and I are looking to put our RE holdings on an "active" business footing, form an LCC (or one per held property?) and file taxes as a business rather than filing a form E. We have several reasons for doing...
Rumen Mladenov
Using HELOC for a hard money loan - tax implications?
Let's say someone takes money out of a HELOC at 8% and lends it out as a hard money loan at 12%. After the loan is paid off, a 1099 is sent to the hard money borrower and the IRS showing the interest received. How can...
Matt M.
If I live-in my triplex, do I have to pay taxes on rental income earned?
To my understanding, actually living in the premises, especially being a 3-home or less, will put you into a different mortgage bracket, tax bracket, etc...
Do I need to claim my rental incomes and then pay taxes on ...
Caleb Landry
BRRRR and flip income.
Hello,
Quick question about how the IRS looks at 2 types of income in your company.
I have one BRRRR property and now doing a flip on another property.
Does the IRS look at the 2 sets of income completely separatel...