Derek Smith
Business Expenses - Can we write off prior to LLC?
Recently my girlfriend and I have been remodeling her house, some changes were required (repairs) while others were more cosmetic (general updates). Once finished we will list it as a rental, in a couple months, but w...
Robert Miller
Tax Question
I`m buying an REO with transactional funds and doing a double closing to flip it immediately.I`m buying for $43k total,reselling for $82k.Now the transactional funds are paid back pretty much at the end of the double ...
Mike Higginbotham
Seeking advise on refinancing from an llc into my name for conventional loan
My partner and I purchased a home using an interest only loan last year and rehabbed it in order to make it a STR. All of this was done in our LLC name. It's been renting great, but now the loan is coming due and I am...
Timothy C.
Am I able to charge market rents on a RSO duplex in LA delivered vacant upon closing?
Hello everyone! I am working on getting a duplex deal finalized in LA that is zoned with RSO. The bad news...well RSO in Los Angeles is just a nuisance. The good news...both units will be delivered vacant at closing.
...
Karl Kauper
When Can RE losses not be taken against ordinary W2 income?
My accountant stated, “The losses incurred on the rental properties cannot be taken and will be carried forward as your income exceeds $150k, thus no losses can be taken against your ordinary W2 income.”I was really s...
Jason Farr
Identifying LEINS
I am looking at a condo for sale at auction.com. They provided a partial title search report document. It stated there was LEIN which I found details on from the County Register of Deeds for unpaid income tax of abo...
Chris Roush
Tax write-offs for creating an LLC
I am working with an attorney to setup my first LLC. Since this is my first business, I'm trying to figure out how to handle the expenses when the 2019 tax season begins. Since I had to start the LLC with my own perso...
Robin Gravlin
Hard Money Crisis!! Help!!
Hello community and happy new year! I have a Hard Money loan that’s coming due with a balloon payment approaching mid March. I use the hard money for a Flyp I’m doing and unfortunately has come up with quite a few obs...
Cooper B.
Using quickbooks to keep track of rehab costs vs. budget
Is there a way to easily use Quickbooks to track expenses for a specific rehab project (flip) against an initial budget?Let's say at the beginning of a new rehab project I have estimated amounts for the labor costs, m...
Rick Jones
Property not "in service" in '16. Can I expense taxes & interest?
I know that this can be done but not sure how how to do it. I want to write off property taxes and mortgage interest paid for property purchased in 11/16. Its still undergoing a rehab so its not "rent ready" yet. I kn...