Grace Carol
What are the implications of gifting property to family?
What are the implications of gifting property to family or using trusts ?I read about the tax implications but I am interested in hearing from experts of other implications. Are there other ways to gift properties to ...
Jess Azong
Tax question on refinance and need a CPA
Hello! So, friend bought a property cash under their name and now refinancing (cash-out refinance) the property into an LLC that is jointly owned by both of us and we will be getting funds from this refinance for reno...
Henry Hamby
LLC Rehab Investment and Tax write off
I am rehabbing a log cabin which I inherited with cash I want to refinance and rehab another 3 bedroom home. Should I rent the property before refinancing> and what are the tax implications, business profit loss im...
Jeremy Bohnett
Loaning or Contributing to your Partnership LLC?
We are a two-member LLC (for real estate buy and hold investing) where each member has 50% ownership. Each member contributed equal amounts upon opening of LLC earlier this year and there have no distributions to date...
Carolyn Guertin
Renting primary residence in Toronto
I have some questions that I hope the BP community can answer for me.My elderly father has just moved into in a retirement home. He is weighing the pros and cons of selling versus renting out his home in the GTA. He o...
Megan Hirlehey
Implications of taking money from one LLC to seed another
Hello BP,I am the sole owner of a LLC I created to buy and hold properties, and I just formed a new LLC with a business partner for some deals we will be working together. My question is, what are the tax/legal implic...
Angus Brooks
Tax Implications for Refinancing a Property in an LLC and Distributing Funds
Hey All- I own a small apartment complex in a two entity LLC and am wondering what the tax implications are for a cash out refinance. I have done a lot of these for my own portfolio, but am wondering if the tax impl...
N/A N/A
tax consequences for deed in lieu
I have a friend who is asking me about deed in liew of foreclosure... everything i have read states that some lenders reject these and if they do accept them there are tax consequences in the difference owed - similar...
Kin Lay
How to transfer my share of the house to my brother?
My mother purchased a property on 2011 for 480000 in California. The current price of the house is worth about $900000. The house is registered with my name and my younger brother’s name as joint tenant. If I want to ...
Antonio Chelala
Exploring the Use of Form 8832 to Change Tax Status from Partnership to Corporation
Hey all!
I hope all is well :)
When it comes to real estate investing, I've heard that many investors choose to form a two-member LLC with the default tax status as a partnership. However, I'm curious to know if it'...