Johann Jells
Anyone DIY their LLC tax forms? What software do you use?
After many years of doing my own taxes with forms A, C & E using Turbotax we started using an accountant when we formed an LLC like 5 years ago for our properties. Now he's MIA, and we weren't all that thrilled wi...
Kyle Moore
Short Term Rental Income From Primary Residence?
Greetings all,I have been told by two lenders now that you can NOT use STR income from a primary residence to qualify for a loan. The income is documented on Schedule E. They WILL use the STR income from my non-primar...
Eric Pruett
Buying owner-occupied home with ADU: MCC, depreciation, and taxes
I’m submitting an offer on a home for our family. The home has an efficiency ADU (converted detached garage) which we will rent out.
The property is also in a targeted area, so I qualify under increased income and pu...
Verna M.
Sole Prop For Married Couple Or pay spouse as contractor?
Hello, I really really REALLY want to operate as sole prop. I live in Ca with high LLC fees Id like to avoid. I've run other sole prop businesses and I am very familiar with the paperwork required so I feel comfortab...
Rebecca Shine
House Hacking Tax Question
Hi Everyone!I purchased my first property 3 months ago, so there is a month and a half of home ownership expenses that will be included in my 2016 taxes. This house is a duplex - I'm house hacking. I know that I can...
Michael K.
Anyone familiar with the SHST (Safe Harbor for Small Taxpayers)
Anyone familiar with the SHST (Safe Harbor for Small Taxpayers) - any insight here would be very much appreciated. Thank you!!1) I understand the safe harbor to be the lessor of $10k or 2% of the unadjusted basis of t...
Michael Seeker
Just finished a flip with a partner...now what?
A friend and I just finished a flip with pretty much a 50/50 split arms length agreement. Everything went fine, no arguments or problems.
The question(s) surround the taxing and distribution of funds. Both the hard...
Leondro Brady
I might fail to close on my first property
After a lot of work and investment, I'm realizing that one key piece of information I didn't know is going to kill my deal: What kind of financial history I need to get a loan.I was W-2 employed in 2019. Self-employed...
Anna Likhacheva
CPA to help with first STR
We want to invest in a second home near lake Tahoe to use as a family vacation home. To offset expenses, we want to rent it out as STR. We want to take advantage of Cost Segregation and Accelerated Depreciation in 202...
Trevor Levine
Anonymize rental property addresses on Schedule E?
Hey there! I'm using disregarded LLCs to anonymize the owner of my rental properties. (The member/manager of my CA LLCs will be a WY LLC). However, I realize that if I'm hit with a judgement, I'll have to show the pla...