Julio Velazquez
How to file for taxes as a wholesaler.
I just started wholesaling, I haven’t landed a deal yet. However, I do have a few offers I’m waiting to hear back on. In the mean time I want to know how does taxes work for wholesalers. If I make $20k from a deal how...
Davit Gharibyan
Rental Income Tax Amount
Hello,Does anyone know how much is the rental income tax in Dakota County, MN. I know it may vary by city, I just need a ball park percentage. I asked the city but they were of no help.Thank you.
Bill Brady
Not CAN, but SHOULD I use my 401K?
I've tried to find the answer to this question over the past few days and have been unsuccessful. Everywhere I've read, including on BP, it's a "YES!!!...you CAN use your 401k to invest in RE" (rollover SEP-IRA, borr...
Kevin D Key
Cash out Refinance of Rental Property for my Son
I am a retired 63-year-old military veteran considering giving a rental property to my only son, a 22-year-old senior in college. The rental home in San Antonio, TX is completely paid for and has a market value of abo...
Konrad R.
Can someone explain capital gain tax to me?
I've read some conflicting information regarding capital gains tax. Is capital gains tax tiered? Here is a simple example:Let's say ordinary income is 10k for a single person. The 10 to 15 percent tax bracket threshol...
Sarah Sparks
Save retirement or use as downpayment
Someone I know is on rent assistance and has retirement money. Hes about to be 64 and will lose the rent assistance if withdrawing the lump sum of retirement. He is willing to use it as a downpayment but we are unsure...
Michael Plaks
How 0% capital gain rate actually works
"For the first $40,000 of your income, the capital gain tax rate is 0%! You pay nothing!"
Fantastic, but what does it actually mean?
If I have no job and sell a property for $100,000 - does it mean I pay nothing for...
Jessica S.
Tax Implications of Flipping Partnership
I'm planning to partner with a friend on two flips in 2014. We will each be contributing equal amounts of money to the projects. Since I only anticipate doing two flips next year I'd prefer to declare the profits...
Cas Gabe
Draw from IRA Tax question
Hello all, new to the boards here, I have a question re my IRA and tax penalty - did a 50K draw (60 day rollover) from my IRA (Traditional) to cover some credit card debt and medical bills and had planned to redeposi...
David Augustyn
House flip scenario. Will I fall in a tax pitfall?
I bought and rehabbed a house, planning to hold as a rental. I have since decided to sell. I have an option to sell on a land contract and I am trying to figure out the tax implications. From what I understand, I will...