Account Closed
Can i sell a gifted house inorder to buy a bigger multifamily?
Hey guys, so this is the situation.I was gifted a paid off single-family home recently. the property needs a bit of work here and there but overall it is in great condition!I plan on fixing it up a bit and selling so ...
Kairaba Burson
capital gains tax!!
im new and learning the ropes. i see a lot of people rehabbing and prefer it. are they getting hit with capital gains taxes or is there a way to lesson the impact of them? in a 15% bracket do you just get use to ex: 2...
Ken Mull
Minimum time a replacement property needs to be held prior to using for another 1031?
I performed a 1031 exchange last November 2023. I have found another property of interest and I am considering selling the replacement property from this previous 1031 and using it to 1031 into this new property. Is t...
Saar Amit
Tax Implications of Holding Period for Property Flip in Florida
Hi everyone,
I have a few questions regarding the tax implications of flipping a property in Florida:
1. What are the differences in tax rates if I hold the property for less than one year versus more than one year?...
Ziad Almufti
TAX PRO Q: Ordinary income vs. Cap Gains or 1031
Hey all, I own a boutique glamping hotel. We bought the land in an LLC 18 months ago and immediately began construction. We opened doors to guests just 4 months ago. Our intent going into it was to hold long term. ...
Heyward Lovett
1031 exchange and residency
I recently completed an exchange and would like to know if I'd be ok legally if I lived in the property. The property was purchased in my personal name and later transferred to an LLC.
Account Closed
Taxing a flip as a rental by leasing the unit prior to sell?
At what point is it determined, in the eyes of the IRS, how to tax a flip? For example, if we buy a property with or without the intent of renting it out, and after rehab we place a tenant in the unit, can we sell it ...
Willie Webb
1031 Exchange - Flip House to Rental Property
I know this may be a silly question for the experienced REI and CPA's; but is it possible to roll a 1031 exchange from a flip house to a rental property. I know that the investments from the 1031 exchange has to be of...
Dan Ryan
Notice to Vacate
I rented and apartment in Des Moines, IA for one year. Always paid ontime and finished my one year lease. Provided “Notice to Intent to Vacate” 40 days before moving out. Left everything in perfectly nice and clean sh...
Tami R.
Flipping
I was listening to the podcast today - love the fact about where David was going into a property 90-120 days and flipping it. Purchasing it for 75k putting 25 or 27k into and selling for 125k. My question is this......