Scott Lepore
Denver still white hot
Well I just listed a flip on Saturday afternoon and have had 37 showings in 2 days. No, that's not a typo. The new carpet is probably worn out already and will need replacing. 4 offers so far with more coming. bes...
Jonathan Taylor Smith
Durham starting a program in August to help avoid evictions
Just read an interesting article at: https://www.indyweek.com/news/archives/2017/07/12/hundreds-of-eviction-cases-come-through-durham-courts-each-month-a-new-program-aims-to-change-that - about Durham starting a new p...
Brandon Schlichter
Lost money on a flip in 2016, how does it impact taxes?
Bought a house mid 2015, did rehab work on it over several months, sold it in 2016 at a total loss of $25k or so.My question mostly is whether that loss can be depreciated or carried over several years, or has to be t...
Ethan Giller
Borrowing money then renting to the lender as a tenant - tax strategy
Hey all,
Here's the situation. I'm planning to move in with my girlfriend in a new city and we're thinking about buying a property instead of renting. I'm thinking about buying a cheap "fixer upper" that has sat on...
Ray Slack
Tax question about Interest on a Hard Money loan for a flip
What a basic question. I'm doing 2015 taxes before the deadline.Purchased a flip in 2015 and got a hard money loan and sold it in 2016. Since it wasn't sold until 2016 it's not reported on 2015 tax filings. My quest...
Christopher Tritch
Someone gave me money to invest. Is it subject to income tax?
I'm just beginning my real estate career. After hearing my plans, an acquaintance gave me money under the condition that we would split the profits. This money is now in my LLC's bank account. Does the IRS consider th...
Igor Thornton
Taking money from one LLC to fund another, do I pay taxes
Hi everyone! New to posting, however, I have been reading this forum for sometime.I have a full time job ( W2 type job). I also have an LLC (with a partner) providing a service, which has generated profits. I reinvest...
Howard C
Is Earnest Money Tax Deductible on the year that it is paid?
Is the earnest money tax deductible on the year that it is paid even though closing doesn't happen until the following year?For example, a 10% earnest money deposit was paid in 2019 but the house doesn't close until e...
Hilliard Ladd
Hello From Kuwait! Where should I invest this tax free money? lol
Hello World,I just want to start by saying I am suuuuper excited to be part of such an amazing group of people, so I wanted to say hey and introduce myself. My name is Hill, and I am an Army brat born in Fayetteville,...
Jiva Segaran
Fix & Flip Hard Money lender credit check, tax returns, app fee?
So I have an investor client who is using a hard money lender offering 7% and 2 points (the "broker" is adding 2 points and a $1000 application fee). They run credit, require 2 year tax returns, pay stubs, 10% down a...