Elisha Cram
Vacation rentals and taxes
My husband and I bought his grandmother’s house last year and have fixed it up. We decided to use it as a vacation rental to offset the costs of owning and maintaining it. Our fIrst guests since the remodel are stayin...
Account Closed
Im in a scary jam! Michigan kid needs some serious legal/tax help
Im getting straight to the point. 1. After reading the blog "The IRS Hit me With a $10,000 Penalty--and it could Happen to you, Too!" I literally have the same problem I have a LLC with no account history not even a b...
Zackariah Cole
N. Kentucky (Cincinnati) // Spanking new ADHD investor 🤠
My name is Zackariah. I am a former firefighter and architectural and portrait photographer. My wife and I moved from Montana to Northern Kentucky 10 years ago, though I'm originally from North Central, Ohio.
It was ...
Zach Tarwater
401k withdrawal, cares act, overnight rental
Will loss of rental income from my overnight rental qualify me for the penalty free 401k distribution? I had two or three months of less than average rentals and one month of no rentals due to Covid travel restrictio...
Account Closed
BRRRR: Can a freelancer get a refinance on a paid-off property?
I have been reading about the BRRRR method of investing, and I am very interested in trying this in the future. However, there is one step that I need some clarification on, refinancing.Currently, I have a W2 job, dec...
Lenard Brown Jr
Newbie From Chicago area excited to get started and needs advice
Hello fellow BP members, My name is Lenard. I am a young newbie who has been following all of the BP resources almost daily. I just want to express gratitude to the site owners for creating this great site. A little a...
Dennis Dempsey
Home Office/Self Employment Tax Question
I wanted to describe a situation and see if anyone can tell me what the tax implications are:
You get your real estate license to help with your part-time investing business and don't use it as a typical agent would....
Steve Vaughan
My wife was laid-off today. 3 lessons.
After 14 years, my wife just got laid-off indefinitely along with probably 50% of her colleagues. Shes in the aerospace Industry and Boeing was their largest customer by far.
I'm not predicting gloom and doom for a...
Steve Jeffries
Clear 401K for acquisitions?
I have a question I am sure will get mixed answers. We have had a single rental for about 11 years now, and have recently decided to give the rental business a serious effort. We bought our second rental in May and re...
Wayne M.
SD IRA help
I am wanting to move an IRA rollover into a self-directed IRA and I have a couple of questions I need help with.
By the way, I am thinking of using it for tax liens and/or private lending.
1) Do I need to set up an LL...