Logan Jamieson
Annual gift exclusion
Hey all,Question here, obviously i will follow up with a tax attorney but wanted some preliminary info.Due to current mortgage rates I am exploring ways of getting creative. I have the opportunity of a parent who has...
Andrew Hofing
Is it illegal to simply assign contract as a non-licensed investor in PA?
A real estate attorney @ one my REI groups talked about the legalities of wholesaling in Pa and he said that negotiating the sale and simply assigning the contract via back to back closing for a fee is acting as a R.E...
Maggie W.
Forgot to enter $4k in HOA fee expenses last year. Should I amend or lay low?
For some reason, the $4k in HOA fees I write off every year are not on the 2021 return, as I'm reviewing them and doing 2022. It appears to signify $800 additional taxes out of my pocket for 2021. So which is a bigger...
Jonathan Burkett
Can I charge my LLC rent vs home office deduction?
I’m relatively new to the real estate investing world and continue to focus a lot of energy on education. I am currently focused on tax strategies for our LLC (partnership with spouse).Can we sign a lease agreement w...
Kristopher Raepple
Probate Follow ups
I have started a marketing campaign to probates and got a deal on my first mailing, but there are many more I did not hear back from. I was just curious what others are using to follow up with probates for 2nd, 3rd, ...
Jill E.
Property Management LLC for tax benefits?
Because I cannot take advantage of active deductions related to my real estate rentals, I am wondering if I can pay myself as the "administrator" or property manager of these properties? The IRS believes you can't ac...
Mark Ruiz
Suggestions on Value to bring to the Investing World?
Hello everyone!!,I am entering the investor arena. Right now I'm prepping my finances and planning to break into this business. With the last 10 years as a Retail Investigator and catching fraudsters and thieves, Im l...
Saji Ijiyemi
Contractor doesn't want Payment Reported to IRS. Will I be able to take deductions?
Hello -- I need to do a major rehab on a rental property that will cost about $50k-60k but the contractor does not want 1099 and wants nothing to be reported to the IRS. I want to be able to claim deductions. For tax ...
Melanie Baldridge
Which jobs have the potential to qualify me as a Real Estate Professional?
Here’s the answer:
To qualify as a Real Estate Professional (RE Pro) in 2024, you need to meet certain criteria set forth by the IRS.
Here are some of the key requirements:
1. Material Participation in a Real Est...
Bo Qosja
when can i use 1031 exchange -need advice
hi - purchased my property in January 28th and just sold it and signed the contract on 10/21. Just spoke to a 1031 exchange lawyer and he said that this is not a good scenario and I cant do a 1031 exchange, that i di...