Brian H.
How do you all have QuickBooks set up for flipping?
Hi!At the strong recommendation of multiple folks on here and my accountant I bought QuickBooks. My main confusion lies in how to set it up for flipping? How have you all done this? Any advice at all is very much ap...
Pearce G.
Can I buy a 1031 property BEFORE I sell the other property?
I have a parcel that has a house plus some adjacent vacant land that I have owned less than a year. I subdivided and now have separate offers on the house and on the residual vacant land. The sale of the vacant land...
Robert Granara
my 1031 exchange #'s & ?
hello, im doing my research on the 1031 exchange...
my #'s: i purchased a 3 family for $215K and owe $209K...i put $30K into it and have it under agreement for $300K
when the atty sets up the 1031 and we close on th...
Costel A.
Do flips qualify for 1031?
I heard only rental properties qualify for 1031, but not flips. Is this true?
Jeffery Waicak
like winning the lotto
I saw an ad on craigslist about a burned up house in north canton ohio. I texted the seller, got the address and did a drive by. it was about 1900 square feet, 4 bedroom 1 bath, with a detached 2 car garage. the house...
Eric Yu
Used HELOC from Main house to buy first rental property.
Hello BP community!I recently used HELOC from my residence to purchase a rental house. Seller accept offer at 10/20, but it looks closing date will after 1/1/2019. Obviously, HELOC interest start from Nov., there are...
Tyler Williams
1031 Exchange
Can the proceeds from an investment property (held in an LLC where I am the sole manager), be used to purchase my new primary residency to avoid capital gains tax?
"We occasionally stumble over the truth but most o...
Eamonn McElroy
IS your rental a trade or business (IRC Sec 199A/QBID/20% Deduct)
BP Community,247 pages of final IRC Sec 199A regulations, 39 pages of new proposed IRC Sec 199A regulations, a new Revenue Procedure related to W-2 wage calculation for 199A purposes, and a proposed Revenue Procedure ...
Andrew S.
Tax Plan for SFH Flip
For context: I have successfully "flipped" three houses in the past 7-8 years, all of which were my primary residence. I'm about to receive the contract on a SFH in NY state (buying outright with cash) with the plan t...
Dave Newgass
Selling Rental in Calfornia but Live in UK
Hello,I recently inherited a piece of rental property that's located back home in California but I live in the UK. I am looking to sell the property though so I can invest it in property here in the UK.Can I do a 103...