Patricia Saltzman
Tax implications to convert LTR to STR mid year?
We converted a LTR into a STR September 1, 2022.Of course i've waited to the last minute to complete my taxes and am struggling with this.I have completed my taxes for 20+ years using Turbotax - but this is a little c...
Jonathan Small
How to account income from multiple properties on a single 1099
Scenario: I have 3 properties managed by on property manager. I receive one 1099 for all properties at the end of the year. I am using a CPA to do my taxes. How should the tax return capture each property separate...
Robert L.
How to report flip fees in LLC tax return
Hi, I know this is a question for a CPA and I will schedule a meeting with him, but in the meantime, I wanted to see for those of you who might already know....I have an LLC that contains 5 properties and I have been ...
Wade Stahle
how is income taxed when house hacking?
So, I live in a duplex and rent the other side out. My mortgage is $1167 and the tenant rents the other side for for $1150 and pays all utilities. How much should I set aside for taxes of that $1150? It should be note...
Dana N.
Filing Taxes with my LLC
Hi BP,Help!!! My tax person is saying I need to file for an extension. We have an LLC and I'm under the impression you file with your 1040 and have until 4/15/15.Does an LLC have to select an S or C Corp when filing ...
Brad Wood
Live-in duplex depreciation schedule
Grateful for some guidance BP community--
My first property is a row house with an English basement rental unit, that has its own certificate of occupancy and is registered with the State and has a tax ID. Given that...
John Ma
Creating LLC without putting any properties in it
Hey guys, I like to think I'm real creative but as always, someone has probably alraedy thought of it. I'd like to see if anyone else is doing or isn't doing what I think is a viable idea.I have some rental propertie...
Gilbert Lugo
Would I be eligible for tax credits?
Hello BP, last March I took the plunge and invested in my first duplex which I am house hacking. Throughout this time I’ve heard a few times how owning real estate is a great way to reap the tax benefits. I’m curious...
Justin Campbell
Using Self-Directed IRA to Buy Short-Term Rental
Hey BP Community,I have met with a self-directed IRA firm and am exploring the possibility of using my retirement to buy a short-term rental. I'm familiar with the basic rules surrounding the product, but I'm wonderin...
Michael Osborne
Debt to Income Calculation
I currently have no debt except 2 mortgages that are on rental properties and plan to purchase a new primary residence soon. The mortgages on the rentals (PITI including HOA fees) are $4,451 monthly and monthly rent i...