Ivan Smith
1031 and renting from own LLC help needed
I have a question in regards to us getting a property and doing it correctly. We are actually closing on it this week and were under impression that we cud put the house into our llc and rent from the llc. then potent...
Ragnar Lothbrok
Enforceable Lease Terms
Cash for keys is a joke. I understand the utility in it, avoiding the long process of eviction and hassle is preferable. But, this policy basically establishes your lease agreement as unenforceable.If your tenant deci...
Michael Rinaldi
New IRC Sec 199A Tax News - Safe Harbor to Qualify
Hi BP Community,Today some tax news came out that is very relevant to the industry. I'm sure many are aware of the new Sec 199A deduction which essentially allows for a 20% exclusion of income earned for business owne...
Bryan Beal
1031 Exchange ----> Reinvesting in LLC
Say someone wants to sell off some SFR properties they currently own (individually) and take the proceeds as a 1031 Exchange and invest into a LLC that is going to invest in single family real estate. Under what circ...
Maximilian Benjamin
Self employment tax with property in LLC
Sorry for the long post but I thought this was an interesting email conversation...
...which ensued when I began discussing with my CPA about future expansion and what I ultimately want to do with regards to real est...
Michael Turner
STR Material participation requirements for married filling jointly
New to the forums, and I haven't been able to find the answer to this question yet (I apologize if its been answered already). My wife and I own a STR property via an LLC in which we are the sole owners. The LLC is in...
Andrew Schmidt
Newbie's Tentative Game Plan
Disregard this post. I don't know how to delete posts, and I posted it to the wrong forum.
Frank W Lentine
LLC report tax on Sch C or Sch E
New Pro member in Phoenix, AZ. Just filed personal tax return for 2017. LLC holding our first 4 plex was filed a while back. I was surprised to find that depreciation was not deductible and loss was not reported as...
George Moehlenhoff
Question about CPA taxes cost
I have an established LLC and we have 1 SFR. We track all of our financials in Quickbooks Online. When tax season comes, we give our CPA access to our QB and send him our W9s from our personal jobs as well.He handle...
Felix Stone
LLC rental account or personal rental acct for general expenses
Hi All - Unfortunately I have lost trust in my CPA after reviewing my latest tax returns(they missed major expenses that I had to call out) so resorting to this community for learning and knowledge while I also look f...