Jay V.
Would You Do This Deal? (Question from a Newby)
First of all, I want to thank everyone for their contributions to this site. Reading here and doing research is the only reason I’m confident enough to consider getting into rental properties (and hopefully build long...
Shane Johnson
Now own 2 houses - doing taxes myself I think... need help
I bought my second house this year at the end of July. I rent my first house out to my mother. I could use guidance on maximizing my tax return. Can someone please advise me on how I should be claiming (and on what fo...
Troy P.
What are the drawbacks of a K-1?
I was reading comments about some crowdfunding site. Someone said they weren't attracted to a particular investment because it was a K-1 instead of a 1099. I was a little confused since a K-1 allows you to claim pap...
Jon Fletcher
Depreciation and Passive Losses
I read a lot here about people having passive losses or paper losses once depreciation is factored in. But depreciation for a residential property is only 3.636% each year (27.5 years). I know this is a good problem t...
Jeff Rutland
SFH Portfolio: Do you use an accountant for filing taxes?
As I accumulate SFHs for passive income, I'm wondering if I need an accountant. I've always done my own taxes (including a single rental) using TurboTax. I'd love to hear folks thoughts on the pros/cons, especially ...
Venkat Varad
Selling former primary home to LLC
I have a former primary SFH that is fully paid of and about to reach the 2/5 years rule. I have no plan of selling it. I want to convert it into an LLC to offset the capital gains. I was about to start an LLC, but few...
Travis Feldewerd
Paying multiple mortgages
Hello everyone! I am 27 and am starting out my REI life. I am new to REI and I am trying to get all the questions answered that I can think of! I haven't had much luck searching Bigger Pockets for this specific questi...
C. J.
Is it OK to payoff a mortgage just prior to doing a 1031 exchange?
If a mortgage is paid off right before selling the home, can we exchange all the proceeds of the sale with no tax consequences?
For example, suppose a home is worth $400,000 with a mortgage of $160,000. If the mortg...
Melanie Baldridge
If you want to be a real estate pro, you need to understand the TERMS:
Here are a few definitions that you absolutely must know.
Bookmark this thread and use it as your cheat sheet for 2024.
Okay, let’s dive in:
Here are the terms that I’ll define in this thread:
-DEPRECIATION
-BO...
Alexis Ankersen
Afraid to commit. Someone check my numbers?
Hi everyone! I think I found a deal! My confidence is like |-| that big though. I've been house hacking for a month now and I already want to buy my second property. For this one, I'm thinking flip would be valuable b...