Conrad Legé
Appealing Property Tax in Cook County
Hello all,
Like most people in Cook County, my property taxes have climbed higher again this year. I received something in the mail from a tax attorney about appealing my taxes to potentially lower them and now am co...
Jason Scott
Stocks to real estate investments tax implications???
Is there a way to avoid capital gains tax when trying to take money out of stocks and reinvesting into real estate?
Ben Gonzalez
Dealer Status and Installment Sales
My understanding of Dealer Status is that if you are flipping on terms (in my case: buy on terms, fix -or not-, then sell on terms) then you lose the ability to be taxed as an installment sale where your gain is sprea...
Luke Predmore
Avoiding taxes on Rental Income
So I am about to start renting out part of my home. Is there a way that I can avoid paying taxes on the rental income? Could I have my renters pay my mortgage rather than pay me? Like have them give me a money order t...
Ash Patel
Last min purchase to offset short term gains?
I have a commercial property for sale that will likely net $70k in short term profits. I will do my best to close on the one year + one day mark but that is four months away. I would love any advice on reducing my t...
Jake Wicher
First House Hack / Fix & Rent
Investment Info:
Townhouse fix & flip investment.
Purchase price: $265,000
Cash invested: $50,000
Estimated $25,000 of sweat equity to leverage my ROI and spring board myself into my next renovat...
Patrick Philip
Home building and taxes
I'm building a house intended to be sold for profit. The house is still under construction at the end of the year. If I'm $250k worth of expenses into the project, do I write those expenses in this tax year? Or do I m...
Amjad Farooq
Reporting New Property to the IRS
Hi everyone,I purchased a house with cash for $100K in 2014. I spent another $50K to remodel this house. Do I need to report the following to the IRS on my 2014 tax returns?:(1) Purchase of this house for $100K(2) Ano...
David G Vreeland
Wraparound Sale Tax Consequences & Depreciation Recapture
Trying to structure the purchase of a property at favorable terms for the seller in order to negotiate a lower price.
Property: 2 unit for $300,000 (property is worth $350k)
Seller Initially Bought it for $100,000 y...
Franky Davis
Orthopedic Surgeon Investor Update
Hello everyone…I hope you all are doing well and staying safe from the COVID. It’s been a crazy time. I decided to post another update since it’s been a while since I’ve been active. Around 2 years, my wife and I deci...