Jean Francillon
Traditional IRA OR Roth IRA
I have a traditional IRA with Merrill for the last 5 years. And I just open a with IRA with TDAmeritrade. Should I transfer my account from Merrill to the New Roth IRA? Or should I keep both IRA's? Need help
Peggy Liu
Legal or illegal request from underwriter?
Hi BPs!I need your feedback on this. So I've applied for a mortgage loan. The investment property is in Illinois, a 3/2 house. It appears that I've passed all the requirements from the underwriter except for one th...
Carl Cheung
Build primary residence and using section for STR
Hi, wanted to see if anyone has done this and what I have/haven't thought of yet. I'm in a HCOL (Seattle) area and looking to build my "final" home.I was thinking of building a home and have part of the walk out basem...
Karen Tan
When can you take bonus depreciation?
Hi, we converted our previous primary into LT rental in January 2022. It’s been rented since. Purchased in 2018 at $325k, it is now valued at roughly $410k. Is it too late to get a cost seg and take bonus depreciation...
Michael Seeker
LLC Tax Question
So I just created an LLC (I can't believe how quick/easy it was). I have am the sole partner and registered as a disregarded entity.
I created the LLC in Nov of this year (2011). I will have no income, debt, fundin...
Aaron Moayed
Anyone Actually Able to Depreciate?
It seems like a lot of people here are getting about $100-200 in + CF for SFR. Anyone have tax strategies to take advantage of being able to depreciate the property? Depreciation allows for much more than this, so I’m...
Joe T.
Double taxed by paying yourself through LLC?
When you pay yourself through your LLC do you end up getting taxed twice?(first time for LLC earning the money, through rent for example, then the second time when you pay yourself a salary)I feel like there should be...
Alice He
Tax Questions - from the First Time Homebuyer
With tax season around, I'm sure there are others scrambling for answers to their tax benefits. I have interviewed a few tax accountants and have one in mind. But, I'm trying to arm myself with some tax knowledge so I...
Kris Haskins
USDA short sale deal falling apart, NEED HELP !?!?? SOS
Hey BP Fam, I have an approved short sale with USDA, the letter states they will accept my offer and it has the net amount on the letter. The seller is worried the IRS will count the difference between the sales pric...
Paul C.
Insurance Tax Deduction
I've been reading IRS Publication 527 to better understand the tax accounting for rental properties. I'm not sure how to interpret this statement about insurance:
"Insurance premiums paid in advance. ...