Adam P
Section 988 Foreign Mortgage Gain
I am hoping a foreign real estate tax expert can help me on the top of foreign mortgage tax payoff gains, also known as section 988 of the tax code.I purchased an investment property in Canada in 2013, and financed th...
Jared Asch
Bonus Depreciation and How Can it Drastically Cut Your Tax
Bonus depreciation is a powerful tax benefit but even some of the most seasoned real estate investors have never heard of bonus depreciation. Why not?
It’s traditionally been a tax benefit reserved for developers tha...
Christopher Holt
Advice on moving on from my first deal
Hi everyone, this is my first post on the forum. I hope this is going in the right category.I purchased my first SFH 2 years ago. The house is a nice brick 3 bedroom 1 bathroom on a large corner double lot with a part...
Adrian Ruark
Advice on keeping or renting my condo
Hello! I'm looking for convincing reasons why I should rent or sell my current condo I live in (which I own completely) once I move out to the new house I just purchasedThe new house (in Queens, NY) is worth 650k. Th...
Jim T.
Overpaying State Income Tax and 1099-G
If one overpays the state income tax, they receive a 1099-G the following year for the refund amount. This makes sense since you were able to deduct all that was deducted rather than just what was ultimately owed. If...
John Harrington
Any insight on the HARPTA tax law
My Ex-Wife and I are finally selling our apartment which we bought when I was stationed in Hawaii. She has been living in that apartment for over 8 years now, but since then I have moved back home to MD. I have rece...
Rich Jordan
Refi + 1031 Exchange: How is it treated?
CPAs of BP,If I cash-out refinance one of my apartment buildings in, say, year 2......does that change my basis if I attempt to 1031 Exchange down the road, say, in year 4?If not, am I expected to come up with that eq...
N/A N/A
LLC-S info
Hello all. I am looking into forming an LLC for my rental properties, then I was made aware that it is possible to be taxed as an S-Corp. I kind of understand this method as far as having to pay yourself a reasonabl...
Shawn Knight
Gift Tax Help Needed
Hi, I am working on purchasing my first multi-family investment property (4-units or less) in which I will be owner-occupied. I am needing to receive $200,000 in gift funds from my parents to add the down payment to m...
Jack B.
Washington State Real Estate Excise Tax exemptions?
Has anyone read through the RCW to find the exemptions or otherwise found an article that lists the exemptions? From what I see foreclosure, transfer to family members under specific circumstances and transfers of "de...