Steve Legnaioli
Options for corporation profits ?
If I start a corporation to collect rental income and there is 10,000 left after all expenses (profits) at year end , how is that taxed?On my personal taxes?Is it taxed separately before I take it?Is it part of my MAG...
Stuart M.
Our first tax return, make sure we are doing this right
Hello all,I am asking about taxes that were due in April 2017 (for 2016 year), filed an extension until now...So, in May 2016 my wife and I were living in an apartment in FL with our kid and bought our first house i...
Account Closed
Seller wants 75k through escrow and 75k cash to her
So I have a great off-market deal on the line, but have run into a head-scratcher.The seller owes 75k on the property to a private lender. We've agreed on a price of 150k. However, she's on social security and can't h...
John Bilar
Know Clint Coons at Anderson? Seems like an experienced Good Guy
Anyone have experience with the Anderson Advisors team and Clint Coons?He seems like an experienced guy with great enthusiasm for the Real Estate and Asset Protection practice.If you can share any direct experience wi...
Account Closed
Motivated Seller, How to Avoid Long-Term Gains Tax?
I have a scenario for a potential purchase. Basically the guy bought his house a longggg time ago for $20k and wants to sell, and we agree on a $450k sales price. Is there a way to pay him $270k "on paper" so he doesn...
Oscar Ledezma Vazquez
Recommendations for CPA in southern California that know STR loophole
Hi,
My wife and I both have a W2 job and purchased a vacation home in big bear, CA in late 2022 that is being used as a short term rental. I am looking for a CPA that knows the STR Loophole and can help us with offse...
Michael Gayer Jr
Just started an LLC, can I change tax election? (Disregard to S)
Aloha Investors,I have a Tax Question ...I just started an LLC on November 16. Can I change tax election? Change from Disregarded to S-Corp. I haven't done any transactions yet. Thank you in advance,Mike
Wesley Mullen
Filing Taxes on your Own with REI Partnership
Situation: I am partnered with my brother and sister-in-law in our real estate investing. We currently have one property (acquired in 2021) which is in both of our names. We both got our own 1099s from the PM.Is it fe...
Derrick E.
Need Help: Should I start an LLC?
Yes, I used the search feature and read countless posts from previous people asking similar questions, but nothing that related to my situation.On Tuesday I will be closing on my 5th house. All are owned 100% free and...
David Urena-Amaro
My Thursday Three's!
1: How do I pay taxes on the rent money I recieve from tendants/do I have too?
2: What loan finances avoid having money in the bank for more than two months? (Is that even a thing?)
3: What are some tax benefits and...