We converted our primary residence to a rental in 2015 and purchased our second home which is our current primary residence. a) Are there any specific tasks that i should do like inform our first property bank or upda...

My daughter and I bought a house together in 2018. Purchase price $240k. $ from my line credit from my house. It’s 50/50 Ownership. She borrowed $120k from me and made her to pay interest and principal until she does ...

I have a rental property under a LLC with a business partners(2 partners in a LLC). How is profit taxed in LLC?  Lets say the rental property generates $100 net income every month. In the end of the year if we dont ta...

So I was reading an article where they were saying that money received from rental properties for example is considered passive income.  My question is, if I have an LLC which I want to own my rental properties and th...

Hello BP!I'm a little behind the curve on this, but my Enrolled Agent suggested that I rent my personal home office to my LLC. This way, similar to when I used to rent out extra bedrooms, I can write off a portion of ...

Good morning all! I would like to preface this with - I have been looking up the answer for this throughout Biggerpockets and other forums for a few hours and have not found what I'm looking for.  If anyone does know ...

Hi All,We own 23 units which are starting to turn a profit. There are two of us that own the properties in a LLC (also the %ownership is not 50:50). How does everyone go about paying taxes? Do you take the total out o...

Hi Everyone! I’m looking for suggestions or investor friendly CPA versed in Massachusetts high tax environment. My wife and I now own 4 doors split across 2 states and we’re getting a little overwhelmed with figuring ...

I just have some general questions about taxes on real estate income:1. If I turn a profit on real estate, what tax rate would I pay? Long term capital gains? 15%? 23.8%?2. Is there a way to always avoid taxes even af...

Hello, 

I am interested in the pros v. cons to creating an LLC and operating under said implications. 

A few questions I have top of mind: 

Does it cost anything to hold an LLC in the state of Colorado?
Does...