Rex Romano
Capital Accounts - LLC Co-Owners
My partner and I just formed our LLC as co-owners. We are trying to determine the best banking option for our business and have come across a lot of recommendations online to form capital accounts to help track each m...
Terry Royce
LLC startup questions
I am looking to startup two LLC's. One for my investment partner and I to purchase and hold rentals. And one for myself to wholesale properties, and maybe own a few individual properties.
My questions are, what is t...
Matt Hunter
W2 depreciation offset
Hello, I am new here and looking for help. If this is the wrong platform forgive me. I am an active three year STR investor with 4 current STR properties. In January of 2023 my business was sold. :) Unfortunately,...
Steven Gillmer
Out of state investor tax filing question
Hello all! I own a duplex in the city of Cleveland and would like to know if I need to file a tax return with the City as well as the state. I viewed the website and found a form that appears to be for rental income b...
Sharon Li
2/5 Rule for Sale of Two Properties While in Military
Im active duty military, and am planning on selling one of my homes (Property #1) in the next several months, which meets the 2/5 capital gains tax exclusion criteria of having both owned and lived in it for 2 of the ...
Florencio Nayve
Converting Traditional IRA to ROTH IRA then to SDIRA
Hello Everyone,I'm planning to buy a rental property using a SDIRA. My questions: Is it better or a smart move to convert my Traditional IRA account to a Roth IRA before I convert it to a SDIRA? What are the pros and ...
Michael Plaks
Beware: offshore tax preparation outsourcing
This discussion started today in a Facebook group for tax professionals. According to the thread, this risky practice is getting more and more common among some tax firms looking to cut costs.I realize that people hav...
Leonard Romo
Tax Prep Services Needed
I’m a new investor with a W-2 and 1 STR purchased in 2022. Looking for an affordable tax prep service. I’m not afraid to spend the money to work with a pro, and thoroughly understand you get what you pay for, but I’m ...
Hayden Thomas
Land wholesaler. How to do my taxes
I’m trying to figure out how to do my taxes. I wholesale vacant land. Buy cheap. Try to sell within 60 days. Who should I be looking for to properly help me with Taxes? What kind of CPA? Could really use that help. Th...
Marijuana (MP) Vandyck
Can anyone confirm is capital gains taxes will be waived in SDIRA Property Divorce?
A spouse wants $50,000 of the $140,000 value of a real estate property being held in their spouse's SDIRA in Florida- an equitable split property state when it comes to divorce. The spouse who owns the SDIRA will NOT...