Paul Winka
QuickBooks: rehab cost journal entries before in service?
I asked a similar question earlier today about putting a rental property in service and deducting the costs of the rehab on Schedule E. Okay, looks like I can't deduct the make ready costs and I can tally the improvem...
Sanjay Gupta
Accounting Question and how to properly record entries
I am using GnuCASH software to record entries and have 2 properties where we are doing rehab. 1 of them were closed and just want to make sure how do I properly record entries. GNUCASH does not have Job Code or Projec...
Michele Foreman
Selling house to relative under contract
We bought a foreclosure three years ago, with the intention of renting it out and being first time landlords. It took three years to complete as we did the work ourselves. Our first tenant couldn't pay the first month...
Jonathan Freeman
How much would I pay in Capital gains tax
I own a 2 family and am looking to sell it. I am trying to figure out how much I would pay in taxes. Purchase price $145kI owe $122kI wanna sell the property for $250kIt is a rental property.i have 2 questions 1. How ...
Nate Mac
Flipping- Repairs in 2018 are cost basis for Sale in 2019?
Background: Created LLC partnership in 2018. Purchased a Home to renovate in 2018 and sold it in 2019. Purchase Price: $60,100 In August, 2018Renovations: $30,000Utilities: $ 2,000Property tax: ...
Greg Rusianoff
Purchasing property below FMV - Do I have to recognize a gain?
I often buy properties in tax sales and sometimes I get properties at really good values. I could turn around and sell them quickly at a good profit. So technically I'm buying them below their Fair Market Value (FMV)....
Kurt Granroth
Where are your funds kept prior to an investment?
A common way to kick-start a real estate investment is to wire the funds to wherever they need to be. Maybe it's $25k, or $50k, or $100k. It's money that you have in an account that is then transferred to somewhere ...
Haitham Abbasi
Flagging in craigslist
Hi my friends, I hope that you are feeling grand! I have create more than 5 Craigslist accounts. Posted some ads yet everything gets flagged. Here is what I am doing, please direct me to the right direction. MY QUE...
NA NA
Hiring an employee/partnership?: 1099, W2, pay cash?
I really need direction in businesses. The business that I will describe for you can be any business - it can be an ice cream business, or even an office coffee service business. Forget real estate for one second. ...
Kyle Collette
Moving from Financials Advisor to Vanguard - Tax question
Question for all the savvy investors with a little tax knowledge as well.I have been looking to make the switch from my current investment portfolio into index funds. I was fortunate enough to start investing at a you...