John Pak
Is "income" from an Estate Schedule K-1 (line 5) passive?
Dear wife's beloved aunt passed away and she inherited a small portion of the aunt's retirement TSA (tax sheltered annuity), which I understand is similar to a 403(b). Line 5 of the Estate Schedule K-1 (from form 1041...
Michael Harris
Quitclaim primary residence to Trust or llc
Hello all - Say I have a home that I live in and quitclaimed it to a trust or LLC that I created. If a tenant cannot be found to rent the home and I decided to rent from the LLC or trust at a lower rent/loss, could th...
Chad Dembinski
CPA with experience in air bnb property host.
Hi there, I am in the southeast Idaho area and bought a duplex last year that I live in one and air bnb the other. I have been trying to find a cpa that is more familiar with air bnb for my taxes, I have that and I am...
Jamie Beckland
Can I cash out and avoid taxes by using a 1031, then having the seller carry back a second?
I am looking at selling a property, and 1031ing into a new property.The seller is willing to carry a second mortgage.I plan to close the purchase transaction using the cash from the 1031.After that transaction closes,...
Jeff Weissman
Can self-directed IRA buy/sell real estate?
If so, I assume all cash flow (in & out...that is, income and expenses) must come into and be paid out of the IRA account, yes?
Advantages/disadvantages?
Edward Barnes
tax deductions on rental property
My wife owns a condo about in 2008. I married into this pig (the condo, not my wife) as we filed jointly last year. It loses about $500/mo after everything's said and done. Doing the taxes last year it wouldn't let me...
Josh Faller
First flip and fix, still may fix and hold
Investment Info:
Single-family residence fix & flip investment in Kansas City.
Purchase price: $50,000
Cash invested: $3,000
Sale price: $50,000
ARV of $125k-$130k
Rehab costs of $25k
...
Bryan R.
Save 9% on your taxes!? Section 199 Deduction
I can't find much discussion of this, which makes me suspect I haven't actually stumbled onto some magical tax loophole. But what discussion I can find seems to indicate it applies to some real estate activities. Hopi...
Jessi Hill
Tax Penalty Liens
Recently, I looked at a deal for a house that had a couple thousand in back taxes owed (no big deal) but a whopping 40K plus in homestead penalties. Here in Florida, on our primary residence we can get a 25-50K homes...
John Powers
Buying a multifamily with cash from an LLC
Hi BP,
My partner and I started a service business as a way to generate cash for our first multifamily. We are hoping to house hack next September in the greater Boston area and are trying to figure out which financi...