Taylor Jones
How to pay $0 in taxes on a STR generating over $120K in revenue
Here’s how that works:Depreciation is the act of slowly deducting the initial expense of an asset against your taxable income. Generally this is over a 27.5 (residential) or 39 (commercial) year time frame. So each ye...
Stefan St. Marie
How do you calculate gross revenue?
Is the "gross revenue" $708.10 or $541.26 for this booking?Is it what the guest pays? Or what the host receives?And is cleaning fee part of revenue?What is the industry standard for underwriting?
Mauricio Botero
Philly Realty Transfer Tax (x2) when buying from a wholesaler?
As we already know when you buy and sell property in Philadelphia, there is a transfer tax you have to pay that comes out to about 4.2% of the purchase price of the property. https://beta.phila.gov/services/payments-a...
Jeremy Janszen
Double tax on AirBnB cleaning fees?
Hello! AirBnB automatically charges our guests their occupancy tax and that tax is on both the nightly rate and the cleaning fee. We don't do the cleaning ourselves, but have a cleaning company take care of this afte...
Owen Thornton
What business entity would a house flipper choose
When a house flipped is forming a business and have employees and a team, what would all this be under. An llc? Or another entity? Who would they include in their team?
Juan Calvo
Property tax assessments vs appraisals
I am looking at some county tax records that show :- Land Appraisal: $7100, Property appraisal: $30300 and Total appraisal: $37400Then below there is a Total Assessment value that is considerably less than the total a...
Robert L.
How to record my owner financed note?
I wholesaled a property and charged an assignment fee of $5800.I took back a note and my buyer is paying me $300/mo a month until the note is paid off.My bookkeeper is having a very hard time how to record this in Qui...
Eamonn McElroy
SALT Limitation - Taxable Refunds
Hello BP Nation,Today the Treasury issued authoritative guidance via Revenue Ruling 2019-11 on the taxability of state and local tax refunds from which a deduction may have been limited due to the $10,000 state and lo...
Joseph Barbaretta
Early tax question -- Do I deduct my expenses if...
So, I'm in the middle of flipping a house. Its taking longer to get it on market than I'd like. It probably won't close until after the new year. So, if all my expenses happen this year and I sell the house next ye...
Mishal Ahmed
Capital gains tax in Georgia
I have a property in Atlanta, Georgia that I am about to sell. I used to live in this house for 5 years until I moved out of state last year. Because this was my principal residence for more than 2 of the last 5 years...