Jash Sayani
Schedule E Basics Questions
Hello,This is my first time filing a Schedule E (Real Estate income) and had some basic questions.1. I have a Townhome, what property type is this (1.b. on form)? SFR / MFR?2. My property manager gave me a 1099-MISC ...
Louis D.
Follow up to Overcoming the Idea That Paying Off Mortgages Is A G
I get the security of having a home paid for. So here for my example we have a person with a business in the 20-25% tax bracket. Business makes 100K profit for the year OR the company invests the 100k in real estate p...
Nolan Mahoney
Owner hasent paid taxes in 4 years
Im looking at a distresed property and found out that the owner hasent payed taxes from 2015 to 2018. i went on the IL tax website and i cant get any information. I asume you would have a lein for not paying property ...
Mallikarjun Reddy Pateel
Seller Financing Tax Benefits to the seller?
I'm currently in talks with a Senior Owner to buy his 10 Unit Rental Property through Seller Financing. i have couple of questions Regards to tax benefits to him. so I can speak more Confidently about this deal.
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Ginger Carr
Has anyone used Azibo? Suggestions for collect rents?
I currently have tenants who pay through Zelle and with money orders. I want to move my checking account to a smaller community bank with fewer branches. While the procedure will be the same for my Zelle payers, the l...
Michael Slockers
How to financially account for a lost security deposit
Hello all:When a security deposit is received on a new long-term rental lease, I categorize that in my accounting system as "deposit", separate from rent. It isn't income, doesn't show as a gain, etc. When that same t...
Barry Cohen
Breakdown of repairs from property manager
Hi all. Looking to get some feedback. Is it unreasonable for me to request a breakdown of services and receipts from my property managers contractor when doing a repair. My PM had their contractor do a make ready afte...
Account Closed
Best practices for bookkeeping if not under LLC
Hello,I’m closing on my first deal and have decided to hold off on putting the property under a LLC. Since I wouldn’t have an EIN to create a business checking account, am I allowed to simply open a new personal check...
Eli C.
1099INT for private loans
I have a number of private loans to me. I am paying interest on these loans, but since they are private individuals they wont be submitting 1099INTs to me.
How do others deal with this?
Jim Goebel
How to get $500 stimulus for daughter born in 2019
Hi!
This question is for folks keeping up with the upcoming stimulus. It sounds like the IRS is administering sending funds for folks, at that $1200 / person + $500 per kid/dependent. The trick is we haven't filed ...