Jeremy L Riddle
Taking profits on Minnesota LLC
Greetings! My wife and I have 2 Single Family Homes in an LLC with another couple. We've had it for 9 going on 10 years now and have taken an owner draw one time in the history of the company (maybe 2 times) for les...
Ryan Denman
How to raise money and form partnerships with non-accredited investors
Hi All,I considered starting a REIT to allow others to invest and build wealth in projects that I would start, but that was a much, much higher level than I actually have interest in pursuing. Reading through some ot...
Kaygo Haga
Using IRA as source of funds for RE Investing
Hello BP family,I am new to the real estate investing world and to the BP community.I, like many people am interested in the thought/ possibilities of real estate investing but don't much cash to invest with.I have be...
Joel Bowen
Understanding how depreciation counts as negative income?
Hi guys, the following quote is from this BP article: https://www.biggerpockets.com/renewsblog/2014/10/2...Could somebody please help me understand this concept by giving a real life/hypothetical situation that makes ...
Denis Moreira
Property Appraiser Questionnaire after my purchase
Hi,Wanted to get the community's opinion on whether I should fill out a sales verification questionnaire that the Property Appraiser of the county I recently purchased a duplex in sent me.I feel like it could only hur...
Mark V.
Looking for financing advice
Hi all,I'm nearly done with my taxes so I want to start prepping. Looking to buy in the summer or near the end of the year.I may actually qualify for a traditional but I need some advice.Right now I'm a hybrid w-2 and...
Valerie King
Rental Property Budgeting Approaches
Once you get settled into your rental property, I assume it's important to document everything and stay super organize. What's your approach to recording monthly income, expenses, etc.? Is Microsoft Excel too simple? ...
Mukesh Yadav
Loss from a Syndication investment
Hi All,
I have a question for those of that are tax savvy. If you have a loss from syndication investment ( the entire project went bust) can you use that loss (from the final K-1) to offset your regular W-2 income ?...
Account Closed
Advice on excess 2019 contributions to Roth IRA
Hello all.As I was preparing my tax returns, I realized my 2019 AGI exceeds the IRS income limits for full contributions to a Roth IRA, which carries a 6% penalty for every year the excess along with its corresponding...
Ray Slack
Advantages of being a "real estate Professional" for tax purposes Vs disadvantages
So, I keep hearing about it being great to be classified as a "real estate Professional" for tax purposes. It seems the only benifit is to be able to deduct passive rental losses from ordinary income.. Since I have no...