Andrew Postell
Yay! Tax Season! What you need to know on claiming deductions!
It’s tax season! Yay! Can we detect sarcasm when it’s typed out? Since April is fast approaching that means many of us will need to file our Federal Tax Returns. Even if you are filing an extension I have tried to...
Mallikarjun Murag
Primary converted rental, closing costs(including refi's )
apologize for re-posting on this thread (as I couldn't find how to move my post to this thread) as this thread seems to have much broader pool for experts for their inputs, I purchased my primary home in CA in 2004, r...
Laura N.
How do I file a 2015 purchase that didn't rent until 2016?
Hello everyone!I'm seeking clarity on a tax dilemma. I bought my first rental property in December 2015. I've been rehabbing since then, and just moved a tenant in last week (April 2016). The question is what to do wi...
Kyle Seidel
How I thought DTI was calculated is wrong?
Income: -$3,000 ($2,400 after taxes) salary-$500 ($400ish after taxes) dividends/commissions-$1,575 in rental income for my owner-occupied duplexDebts:-$950 mortgage for my duplex-$50ish for min. c.c paymentHow I thou...
John Matthew Johnston
Insurance agent thinks my lender is sketchy???
We are nearing the end of the Refi process and our lender is asking to be added to our homeowners policy, apparently my insurance agent said this is normal but wants to do it the day of closing. My lender hasn’t given...
Phil Christian
LifeProof Luxury Vinyl Flooring w/ 1960's style tubs
In the last ~2 years we have upgraded ~220+ units and our flooring in the bathrooms has always been either TrafficMaster Allure Vinyl Plank (the stick down flexible product) or 12"x 24" Porcelain Tile all depending on...
Aaron Grimes
Help with 1099 self employment loan options
I am a courier that drives A LOT. my gross annual income is around $75,000 but due to mileage my net income on my taxes is around 15,000-20,000 with my actual income after all expenses realistically being around $40,...
Sophie Sawyer
$100k income in W2, but $0 on tax return adjusted income
Can I take out mortgage loan given:
I have a stable $100k W2 income from my employer, but opened an LLC this year and am projecting a loss of $200k in the first year. This loss is expected and not a problem. However,...
Jens Nielsen
Rehab of 2 out of 4 units -add to basis or deduct as repairs
I purchased a 4-plex in 2016. Two of the 4 units were empty, so we did some repairs on those units (new carpet, tile and paint), plus we installed a new roof, repaired an exterior wall and fixed potholes in the parkin...
Andrew Postell
Helpful Investor Tax Return Hints
Today you are going to get some really important “behind-the-scenes” information on how a bank examines your tax returns. Often we submit our application for a conventional loan to a bank, someone tells us that it’s ...