Abdenour Achab
How do you report income due to discount element in TurboTax ?
Hello,I am doing my taxes right now and, under the "PERSONAL" category, I see "Interest and Dividends", under which there is "Interest from Seller Financed Loans". I reported the interest I earned from my notes there....
Nicole A.
LLC tax refund mixed with your personal tax refund
I wanted to know if I'm the only one that asks this of my tax guy.Since our LLC is a "pass through" type of entity, any refund during tax season is put on our personal returns. Each year, I ask him how much of that re...
Effram Barrett
How does the real estate tax benefit work?
Now this is technically a legal question but I'm sure investors would know. How does the tax benefits work on real estate? For example , say I net $8,000 from a wholesale deal, do I put that 8 grand into an account an...
Larry G. Freeney
Houston, Texas - Getting into REI
Hey Everyone!My name is Larry and I live in Houston, Texas. I had a BiggerPockets account that I started two years ago that I never really used. Due to my OCD tendencies, and for the psychological benefit of a fresh s...
William Lackey
Business for landlord
Wife and I flipped our first property in 2020. Recently purchased a duplex and we will rent both units. What kind of business can I start to take advantage of tax deductions. My wife and I are both W2 employees and ma...
Olga Merino
Does Owning Rental Properties affect your Social Security Income?
My dad is close to hitting his retirement age and has heard that he needs to either sell his rental properties or pass them down to his children in order for his social security income to not be affected. Is this true...
Anna R.
Taxes on Flipped properties. Do I pay higher taxes?
If I am currently full time employed in Illinois and fit into the 28% Tax Bracket, what taxes do I pay for my flipped property? Am I still paying 15% of capital gains or do I pay 28% on capital gains due to my current...
Daria B.
Out of state tax obligation
I live in Florida - a no income tax state. I have a rental in MD that I have to file a state tax form for at tax time.
My question#1 is for those investing in a state that is a no income tax state (Florida, Texas,etc...
Priyanka K.
Year End Tax Question
Hello fellow realtors!I got my license last month and may not have any earning as a realtor this year. I am looking for ideas on how to manage realtor related expenses that i incurred this year!Can I deduct realtor re...
Rob Newsom
Am I being silly to limit my properties to states w/o income tax?
I'm in year 5 of real estate investing. I've told my wife that I only want to own properties in states that don't have income tax. The same goes for our personal residence.
I've heard stories of investors, for ex...