Krista Ward
1031 exchange with an LLC
Sold a property (proceeds with Qual. Interm.) & have a new property to buy. Formed a new 2 member LLC to acquire & hold new property, but accountant says it needs to be Tenants in Common. Can you do a 1031 exc...
Jimmy Lin
Proceeds vs Profit on a 1031 Sale
Reading some 1031 articles on BP and it is a little confusing that the term proceeds and profits are being used interchangeably. From: https://www.biggerpockets.com/..."Also, all the proceeds from the sale need to be ...
Chris Connery
Found a bank offering conventional financing to LLC's
Just found a large local bank today that will loan conventional financing to 1-4 units Bought under LLC's. 20% down,fixed rate, 30 year term. I have never found this. Not sure if naming the bank would be in violation ...
Young Kim
LLC Partnership - Dispute with payout after sale of property
Hi,
I'm a minor partner in an LLC with one other partner. We sold the property held within the LLC a few months back and my partner wanted to 1031 exchange his portion and I wanted to be paid out. As the major par...
John Burns
Personal use of property prior to 1031 exchange
Suppose I own a single-family rental property and the long-term (8 year) tenant vacates. I want to move into the property to complete extensive repairs/maintenance in anticipation of a sale. The intent would be to d...
Ryan Dossey
Wholesale profits = Down payments?
Those of you guys that have been at this awhile talk to me.... Is it a bad idea to use wholesale profits to pay for down payments on rental properties. Obviously one would need some cash reserves ICE. But are there an...
Basit Siddiqi
SEP-IRA > SDIRA / Solo401K for balances below $100,000
Hello all,
I just wanted to share my recent decision of a retirement account to set up for my self and the reason why.A little about meI currently have $0 in traditional retirement accounts(IRA, 401K, etc). I took an...
N/A N/A
Tax implications of sister-in-law on title?
Hi all,
My wife and I are helping her sister to buy a condo so she'll have a place to live when she gets married, which is coming right up. However, she has no established credit, so the loan will go under our names...
Ilona Kovacs
Self Directed IRA for Notes & Tax liens?
Hi Folks!I have decided to invest in notes and tax liens.Wanted to get advice on the best company that could help me transfer my Roth IRA into a self directed one, so that I can purchase notes and tax liens.I'm from N...
Jeff Wilson
Tax guy is saying I can't claim a property I held more than a year as capital gains
Instead he is saying I need to claim it has self employment income since it was not a "one time only situation". This is a fix and flip that I loaned money to. I have performed 3 other fix and flips and am continuin...