Wilson Pereira
LLC taxes on real estate income
My wife and I formed a WY LLC that is an asset holding LLC and a member of two other LLCs, one in NC and the other in FL. My wife and I are the only members of the WY LLC. I have rental income for the NC and FL LLCs. ...
Shelby McKean
Starting out with 2 primary residences
My husband and I live in two different cities with 2 houses. One has a low interest rate loan and the other does not. If I am starting out as a real estate investor interested in being a rental landlord (still worki...
Matthew Mak
Question about Schedule E. Deduct repairs and depreciation in Dec
Prepared my previous primary residence for rental in December 2019. Repairs and rental related expenses were in December, and property was lease ready early December. New tenant signed lease on 1/1/2020. Would it be c...
Mike Hanneman
Taxed as a Sole Prop.
I have a Sole Prop. set up with an EIN number. I have a duplex under my name only, does it matter to file taxes under the sole prop. or just a schedule E on my personal return?
Ahmed Tausif Aijazi
A newbie question about tax for rental properties
Hello all,
I am a relatively new RE Investor with a property that I purchased this year with an intention to make it a rental. It needs some fixup. I know that I cannot take a deduction for the fixup as it will go to...
John A.
Claim inspection costs for a cancelled contract?
I couldn't find an answer to my question through several searches, so here goes.
Background: I own a SFR that is rented out. I do my own property management for this house. I am currently trying to buy another SFR...
Thea Linkfield
Switch Property to LLC for tax purposes?
Hi all! I have a property I bought through the Duval County Foreclosure website with cash. I am working with 2 people on fixing it up and flipping it. The property is in my name. We are going to split the profit evenl...
Bill Dickson
Why is a LLC is important for your business?
Where do you go in your county to apply for a LLC.?A LLC has so many tax advantages for your business. So why doesn't everyone? Even as a wholesaler you need advantages.
Weng L.
Tax for rental incomes from properties under LLC or S Corp
Hi all, I have a question on how tax is reported for rental incomes from properties under LLC or S Corp
Fannie mae and freddie mac limits each borrower to have no more than 10 financed properties. I've seen people me...
Chris Martin
$0 tax due with $109,250 adjusted gross income - it's LEGAL per 1040 Instructions
To me, the most important tax worksheet is the Qualified Dividends and Capital Gain Tax Worksheet on Page 36 of the 1040 Instructions.
Line 9 of the worksheet says: "This amount is taxed at 0%" What is line 9? It's (...