Bilal A.
Any High W2 earners out there?
To the High W2 earning BP members out there, what strategies have you used to decrease your W2 taxable income? Depending on what state you earn your wages, income tax rates of 40-50% are unreasonable. Most of you like...
Nik Divakaruni
Seller-Financed Note Tax Implications...and Portland, OR CPA?
Hello, I've searched a few of the threads in here, but I haven't quite found anything to answer my question fully. So, I'd like to propose a scenario here:Property purchased for $1,000,000. $50,000 in depreciation t...
Anna R.
Sales Taxes on flipped properties
If I am currently full time employed in Illinois and fit into the 28% Tax Bracket, what taxes do I pay for my flipped property? Am I still paying 15% of capital gains or do I pay 28% on capital gains due to my current...
Raphael Ramos
Tax Deduction on Promissory Notes
Do you know if it is possible to have a tax deduction for interest/profits earned on promissory notes/PML? Like a K1. A Trust is in place. Thanks!
AJ Smith
Solo 401k Eligibility
I have done some searching on solo 401k eligibility, I have a couple main questions. For context, i own several small multifamily units that i self manage without employees and am interested in tapping into the tax in...
Denise Frazier
IRA that is not Self directed to purchase rental tax question.
So I bought a property using money from an old IRA. I didn't do the self directed since it was only $20K. The setup cost along with the yearly fee would be more than the 2k penalty for using the money. Here's my quest...
Becca F.
Do PALs from RE offset capital gains from stock dividends and another question
I have been doing my own taxes and have a large amount of Passive Activity Losses from my rentals, don't want to mention the specific number but it's a lot in the thousands. I'm a W2 employee, all long term rentals, n...
Alex Ballesteros
All my money tied up in investment accounts
I have close to 95% of the income that i have saved over the years from working my W2 job tied up in my investment accounts. ROTH IRA, Simple IRA (thru employer), and in my personal brokerage account.Obviously since t...
Sahil Parmar
Rental Income and Taxes
Can depreciation on rental properties be used to offset W2 earnings? So for example, if I make $100,000/year through a job, can taxes on that income be offset if I make a loss when I deduct depreciation from my rental...
Leland S.
Getting home loan with new S-Corp
I took a contract job a month ago in Phoenix where I organized as a 1099 contractor for tax benefit. Now lenders won't give me a loan. I am in the same industry and could switch back to W2 for a big hit in income. I w...