Courtney M.
Michigan property tax estimation tool
Last year I received a nasty surprise when my Westland, Michigan mortgage jumped $143/month. This was due to the new property tax assessment. Unfortunately this happened just after I re-signed my current tenant for an...
Emma S.
Considerations for Joint tenancy with my Mom
Hi, my mom is going to come live with me & my kids (I'm a single mom). I'm currently renting. She will have about $150k from the sale of her house in a different state which is about 50% of the average house in my...
Natalie Kolodij
2019 Tax Payments now due 7/15/2020 - 90 Day Payment Extension
The IRS released Notice 2020-17 yesterday which gives tax payers who owe money for 2019 an extra 90 days to Pay. This makes your 2019 Tax Balance due by July 15 2019, Interest and penalties will begin to accrue on the...
David Parleir
Capital Gains Tax on Fix and Flip: What is due and when?
Hello BP people! Can someone educate me on what taxes are due after you sale a property that you have bought, fixed, and sold at a profit...assuming it takes about 6 months? My question is specifically regarding cap...
Stan C.
Property tax strike? How to deal with lost rent due to quarantine
So, recent government order to stop evictions is basically an order to stop paying rent and live in our properties for free. In NYC landlords are about to go on strike and will not pay properly taxes in return. Are th...
Nicole A.
What do you do with a tax refund due to your LLC?
This year, I did LLC taxes for the first time (we formed in 2012). I used TurboTax and did it wrong. I was/am on a steep learning curve and did not even know that we members had to claim any profits on our persona...
Mark Bradford
Buying with a property tax question. Due to seller being a church
Needing help to close a deal. Trying to buy a property that is no longer being used by a church for the last few years it has been empty. I'm in Indiana and so only know about our state and county tax. And here is ho...
Yuval Palman
Tax increase due to change in ownership - from private to an LLC
In 2023 I had to transfer one of my properties from a private ownership to an LLC owned solely by me. Would this move trigger a change in taxable amount? Even if the change in ownership is merely a formality and effec...
Daniel Schiff
Taxes due for flip with married couple both with W-2 earnings
My spouse and I have a real estate pass thru LLC we are 50:50 partners / owners of. We are in the middle of a flip which will sell in 2024 and have a second one lined up. Estimate to make 80-100k from both deals. Fo...
Alejandro Gonzalez
10 days to closing and lender denied loan due to taxes issues
Hi everyone.
I need help urgently.
I've been working with a credit union for at least 3 months now.
After a long time looking for the right property, 3 weeks ago or so I found the house and is now under contract.
...