K S.
Where to reinvest 1031 exch funds?
Looking for ways to turn this into non taxable cash or just purchase something to avoid taxes.I'm on my second 1031 exch but later found out that I can't use the funds to improve on already purchased land so I'm a lit...
Ryan Gillis
How does transfer tax work when wholesaling (Pennsylvania)?
I'm playing middleman between a seller and buyer. When do I pay it? Do I pay both of the double taxes? Can I use transactional funding for it? What should I know?
Michael Gorence
How or if I need to enter information from a K-1 or file a 990-T
I invested in a syndication deal last year and unfortunately it looks like it will generate UBIT tax at some point. My plan at some point is to transfer this asset into a QRP and avoid the big tax bill. While the inve...
Julio Gonzalez
Tips on How to Avoid an IRS Audit
When most of us think of having the IRS audit us, we get anxious. Audits can be very expensive, invasive and ultimately time consuming. Some audits are inevitable. However, there are multiple preventative measures tha...
Mary Jay
Is it a good idea to take advantage of a COVID 100K withdrawal?
Hey guys,So my 401K company says that due to corona virus I can take 100K withdrawal from my 401K and pay it off in 3 years. (If I dont pay it back then I will be taxed on it so its better to pay it back).1) Is that a...
Julio Gonzalez
BiggerPockets - Tips on How to Avoid an IRS Audit
When most of us think of having the IRS audit us, we get anxious. Audits can be very expensive, invasive and ultimately time consuming. Some audits are inevitable. However, there are multiple preventative measures tha...
Filak Thomas
Need a help with capital gain
I have a little house under contract for $ 155k I bought last year, fixed it and decided to sellAfter sell I will need to buy something else in order to avoid paying taxAlso I have a condo and hard money loanI paid fo...
Ravi Ramphal
HELOC used for 1031 exchange.
Hi, I currently own a property that I would like to take a HELOC in to purchase investment property. Does this strategy avoid paying capital gains due to 1031 exchange ?
Gustavo R.
Avoid double taxation while flipping in Baltimore but residing in Canada
Hello guys! Glad to be part of this community.
I live in Toronto, Canada but I'm starting my first flip now at the end of September in Baltimore/MD, closing is September 20th. The reason why I decided on Baltimore is...
James McCarthy
401k Hardship Withdrawal Under Coronavirus Cares Act
I've been practically day trading in my 401K to reduce the losses from this mess, moving funds back and forth between stable value to stocks a few times a week. So far it has been working very well but one of my trade...