Account Closed
1031 to buy parent’s home at market rates
I’d like to buy my parents’ primary home at market rates then rent it back to them so they can add their equity to their nest egg and boost their retirement.Details.I live in TX and am selling a SFR in San Antonio. I ...
Elaine Chen
Tax Q: How to file when parent holding LLC is in different state
Hi, newbie here! My partners and I formed a parent company in WY and a subsidiary llc in Ohio to purchase a real estate investment property (where we purchased property in 2021). All we had in 2020 tax yr was fees to ...
Denver J Lobo
Asset Protection: Land Trust and LLC Combo
I currently own 6 properties through the BRRRR method in Atlanta, GA. I have read a lot of resources on asset protection that say a LLC is the best way to protect an asset, however I have ran into 2 issues 1) Due on s...
Shawn W.
Commingle$ & Completion date in Purchase Agreement for New Construction Single Fam
Hi BP community!
New investor myself and trying to help my parents makes sense of their Purchase Agreement on a New construction single family house in Florida.
Are these two terms below in the Purchase Agreement c...
Federico Morales
Need a CPA in SF Bay Area to correct previous tax returns
Hello guys,My parents own several properties in San Jose and have been using the same tax guy for 20 years or so. However, I don't think he is very good. Basically, they use him because he is cheap and they have used ...
Account Closed
Estate and gift tax in 2016
CPAs and the BP community with input/knowledge/experience with large monetary gifts:New Estate and Gift Tax for 2016Sometime in 2016, my wife and I would like to give my parents a large sum of $40-60k as a gift. I und...
Scott Morse
Buying Parents a Home - best way to set it up?
Hey guys, first time poster..... Thanks for reading and responding to this. I am going to be setting aside a comfortable amount of money into a dedicated bank account for my parents to purchase their "forever" home in...
Jon Pinkerton
Transferring real estate from trust to child
My father recently passed away with all of his assets in trust to to be divided equally between his three children. I am the executor of the estate and I am buying my two siblings out of their interest in the home. ...
Drake Espenlaub
Renting to College Students (24k opportunity)
A friend of my parents has a son in college, and came to me asking if I knew of anything to rent close to the school. I have a rental I am finishing up, but have put nicer finishes in it planning to not rent to colleg...
Jackie Riley
Property transfer to LLC/ tax treatment
Hello –
I'm looking for confirmation of understanding/ advice relating to transferring property into LLC and treatment from a tax perspective
My parents completed a 1031 exchange over 2 years in their own names – t...