Jackson Pollack
LLC vs. S Corp with $10 million in profit
I know there's a lot of information out there about the differences of S Corp vs. LLC vs. C Corp, but I have a specific hypothetical scenario that I would like to seek others' opinion on as to which entity type would ...
George P.
REI fudged the tax basis calculations
ran into a REI investor yesterday and we got to talking about his rental properties (that he apparently sold). he suggested that the last one he sold, was originally converted from a primary residence.his calculation ...
Jacob Lockard
Looking for advice to either continue my STR or sell
Hello everyone,Here are some details about my situation. I bought the house in December 2022 to start a short term rental. It's an owner occupy situation, where I live in the home and rent the other 3 rooms on Airbnb ...
Celia Moore
Does a Vacation Home qualify for 1031 Exchange?
The answer is “yes” if the dwelling meets the qualifications set forth in Revenue Procedure 2008-16. Effective March 10, 2008. This revenue procedure clarified what was once considered a muddled area of 1031 exchanges...
Account Closed
How to issue a W2 to myself?
Happy New Year everyone! Let 2016 be a year of learning and prosperity for all.I have a question and I would like someone who has done this and has experience with it to help me out. I have been acting as a sole propr...
Jordan Hunter
Mortgage payment vs. rental income for taxes
I am currently about to rent my home that is under a FHA mortgage. I have lived in the home for over a year as my primary residence. My monthly note is $1,238.00 a month and It will rent for $1,675 a month. I only pla...
A.J. H.
Buy a House. Sell it 6 months later for a $20k profit. Pay Taxes?
Hi All,I've been getting different answers from different people on this. Want your insights.Scenario: You buy a house. Live in it for 6 months. Market changes and it becomes a total seller's market.Neighbor houses ar...
Drew W.
Do the rich pay less in taxes?
Not to get too political. But do the rich really pay less in taxes like Mr.Sanders says?
Ayodeji Kuponiyi
Tax vs Taxes
When crunching numbers to figure out if a deal is good or not, I find myself realizling that aside from property taxes, I have to factor in school & county/borugh taxes. This is probably why so many homes are stil...
Michael Badin
Partner Buyout with new LLC Multiple Transfer Taxes??
Hi all, I have a situation that I am trying to avoid. If anyone has ever run into it before or knows how to avoid it your knowledge would be greatly appreciated.So my father-in -law and his former business partner ha...