Lorraine Brock
24 Unit Complex - Vacant - Renovating
We purchased a 24 unit apartment complex. No renters. We are renovating it. We purchased in 11/18 and had a lot of expenses in 2018 AC, electric, etc. My tax person is saying we can not deduct any of those expenses on...
Rich Schroeder
tax loss for full time investor
I have a meeting with my accountant later next week. However I would like to be able to speak intelligently with him, so I'm looking for some information.
I have a day job, my wife stays home...
Daniel Smith
Can an LLC avoid the Real Estate Professional requirement?
In a perfect world I would be able to deduct my real estate losses against my very high W2 income. However, achieving "Real Estate Professional" status is not something I will be able to do in the near future.It has a...
Jared B.
Can I Rent from my own LLC...?
I want to go 3rds on a property with my father. His interest is the tax incentive to rental property (tax shelter). My incentive is personal residence, & building capital to develop. I'm trying to figure out ho...
Tyler Henfling
Cash reserves and taxation
When putting together our first multifamily deal, we built in a cash reserve to be used over a five-year hold for such things like capital improvements and unit upgrades. We don't anticipate using all this money in ye...
Christian Thompson
Roll1031 Rental into my Former Primary Residence that I now rent?
Scenario:Sell a rental I've held for many years in an LLC. Net $250K1031 the $250K into my former primary residence which has been a rental for the past year, but lived in 2 of the past 5 as my primary res. I hold t...
Andrew Gomez
Questions about covering property taxes with depreciation
I own a trucking company (semi trucks) and a few of them i have personally guaranteed and appear in my credit report. My question is, in Texas my Taxes are usually net negative due to the ability for depreciation on t...
Kevin Barrett
First Response From First Mailing Campaign
I recently mailed out a batch of YLs and received my first call (well, Google Voice Voicemail) today. When I called the seller back he told that he was interested in selling, but he stated the following:
"I'v...
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...
Sean Curl
How to avoid the Capital Gains Tax
I bought my home for 251k in California and sold it for 458k 1.5yrs later. I understand that I'm going to have to pay capital gains tax. How can I avoid paying so much of that tax? Buy a new home?