Kevin McDonald
repair fixes before or after first tenant moves in (tax benifits)
I just purchased my second rental house and I am getting it ready for my new tenant to move in. I am doing the standard (fixing up the inside (painting, minor repairs, etc now). I plan on keeping this house for at l...
Bobby Balow
Why Our Taxes are So High After Investing in 3 Homes?
Good morning everyone! I want to start by saying thank you to this amazing community! I really hope we can get some advice on our tax situation.In 2020, we only had 1 rental at the time, but an investor in the area wa...
David Soest
Will I have to pay a big tax after a sale?
I bought a house, owner finance for 40K last year.I've been living in the house and redoing it with my own money. I hope to sell it soon for 100K. I'll need to pay off the owner finance so I hope to walk out with 60K....
Chesil Thye
Changing LLC TO S Corp for filing taxes after a flip.
We just finished a rehab and put the house on market. We are at mutual right now and my partners would like to change our Llc to a S Corp. They say it is better for tax purposes. We will also dissolve the S Corp after...
Brian H.
Security Deposit/Rent Issue after buying in Tax Foreclosure in OH
I recently picked up a property in a tax foreclosure in Cuyahoga County in Ohio. There are good tenants in the building that pay monthly and they were paying to a property management company that was still collecting...
Thripura Vemireddy
Capital gains tax on a Flip home - sold after one year
I bought a home and renovated it and sold. It took me more than a year between Purchase, Renovate and Sell. Still got some profit.What would be my tax rate? Long term capital gains or short term capital gains?I would ...
Eric Tomlin
Tax owed when selling a rental home after a fire loss
Good day experts. I am trying to understand the tax laws and determine my tax liability for rental property that I have sold. The uniqueness of this transaction is in the fact that the property suffered a fire, and I...
Suzanne Ludlum
Owner getting house back after it's bought in a tax lien?
Hey Florida investors...please remind me what it's called when an owner loses his house in a tax lien and then has a period of time to pay the taxes and get it back. It's sort of like a "making good on my taxes" allo...
Matthew Robertson
Splitting Owner/Occ Dup. into 2 properties - tax free after 2yrs?
I am looking into possibly turning my owner occupied duplex into an HPR or Zero Lot Line property, then selling off each side separately. I haven't done much research yet into how to go about legally doing this but a...
Mary Jay
how to calculate the tax after a sale of a rental
Hi guys,Can you please help me out?I am in a 30% tax bracket (not sure if this is important)I was thinking of selling 2 rentals.1) Rental 1. Bought in 2009 for 25K, now its 100K2) Rental 2.Bought in 2021 for 145K, no...