Ryan Fox
Where to find cost basis in tax return?
I own about 16 rental properties. From time to time, I consider selling a property and ask my CPA what he has as the cost basis so I can understand the tax ramifications. Then there's a long wait... Is there somewh...
James Galla
Assignment/Transfer of Income Stream
So what are yall's thoughts on this scenario:Imagine my wife and I own one rental property, jointly, in our individual capacities. If I gift her my 1/2 interest, terminating my right to that property, does that gross ...
Dustin Ruhl
Tell me what is your stand on this Tax Law Changes
Report: Tax Law Changes Affecting Home SalesThe new 2017 US tax code could be to blame for the downturn of the housing market. Data shows that the housing market has slowed significantly in recent months and many attr...
Barb Asay
Quicken, how to record shared expenses for rentals
Hi, I'm new here and have a question.I have 8 rental units and have been using YNAB for accounting because I LOVE it for my personal finances, but its super limited on reporting so I have decided to try Quicken. I ju...
Joe DeLuca
HVAC Replacement from flooding
Hi All,So we got hit pretty hard from Hurricane Ida and need to replace two full HVAC systems in our Triplex. I understand that this doesn't qualify under the de minimus safe harbor exclusion.
Is there any way to wr...
Evan Hyde
Taxes on sponsor cash flow
Question for the RE CPA's: If I have a deal where I am the sponsor and invest no equity, while my investors invest 100% of the equity, and we agree to split cash flows (let's say 50/50). Our first cash distribution co...
Carlos Ptriawan
Sec 121b5 exclusion loophole
I'm surprised after reading this article:https://www.accountingweb.com/...Basically, if you have rental (or primary -> rental) and turn to primary, and then sell the property after live there for two years, the non...
Ginger H.
Need help with the MATH! Hold or sell?
Hello- I'd like some help with the math to see if I should sell soon or hold onto a rental property. I used 1033 exchange funds to buy a few single family homes in 2015- the most expensive was the property that I am...
Jeff D.
s-corp owner ok to claim his own labor on flip?
Can an s-corp owner /employee /officer claim an amount attributable to his own labor on a flip to help bring down the taxable profit?
For instance, if he did a portion of the work - perhaps the tile, some paintin...
Elizabeth Woolf
Depreciation and 1031
Someone gave me some advice that sounded too good to be true so I want to verify. If I own a home for 27.5 years and have taken the depreciation expense every year, then I sell the house (for easy numbers let's just s...