Claude Niceman
Tracing funds from a Cash Out refi
See example belowBuy property 1mil 250k down 750k loan (ignore CC). NOI 80k, int exp 45k, post finance NOI 35k less depreciation 31k, taxable income 4kFast forward 7 years value is up 250k, income up, etc....do a 250k...
Kevin C.
1031 Exchange mortgage boot capitol gains tax hit calculation
Hello guys,Just wondering if anyone can help me out here. Just about to close on a property soon and was wondering what my tax hit will be under these circumstances on a sales of a Los Angeles multi family property.Or...
Clint LeClair
Do I have to pay myself an hourly rate to be a RE Professional?
Hello Everyone! Like a good number of you fellow investors, my spouse has a W2 and I am building up our portfolio by BRRR'ing. Between finding the properties, buying, fixing up, and renting out- I'm sure I'm easily ...
Joseph M.
Cash basis vs accrual basis at tax time
I currently own a rental property in my name and was paid in advance for rent. I asked my accountant if we could account for it on an accrual basis and he told me that I wouldn't be able to. Can anyone provide some in...
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Selling Commercial Bldg to our C Corp
Does anyone know if we can sell a building, we own personally and lease it to our corporation, to the corporation for fair market value? For some reason it seems that we can not because it is a closer than arms lengt...
Justin Van Riper
Self-employment tax
Can you get out of paying self-employment tax if you wholesale full-time? Also, what if this is not the only aspect of your business (also own rentals)?
Chris John
Help understanding the 1031 process
Hello allMy brother and I have created a complicated mess with our real estate transactions over the past decade. We're now trying to clean things up via an LLC. Currently, we have some houses in California that we'...
Dave H.
My Bank requires contractor for work. does contractor need 1099?
Its an insurance job for 10k. Bank wants a licensed contractor to do the work. Does the contractor have to fill out a 1099? He's a friend and he would prefer not to. Any downside to not doing the 1099? Thanks.
Bruce D. Kowal
What REALLY Triggers IRS Attention in Real Estate Partnerships - From An Onlooker
After 20+ years in real estate partnerships, here's what actually puts you on the IRS radar (and what doesn't):
REAL Red Flags That Matter:
The Partner Complaint Trigger
Disgruntled partner files Form 8082K-1 dispu...
Ibrahim Hughes
Question About IRS Liens
Hi All:
I'm working with a seller where all 3 liens are showing up under the same serial # and recorded doc (Notice of Federal Tax Lien recorded with the county).
2 of them have passed the 10 year refiling date so t...