Jason Malabute
FIRST PURCHASE DILEMA
I have kind of a unique problem as I am trying to purchase my first rental property.I am 28 and looking to purchase my first property. I am interested in getting an owner occupied duplex. My research so far has made m...
Kyle M.
Rental income effective tax rate
Hi all- I am new to BiggerPockets here and investing in real estate. I am looking to get started using an FHA to purchase a 2-4 unit multi family property. As I am running my numbers a few things I would like some ins...
Amy Gardner
Income too high for real estate deductions?
Hello,My CPA recently told me that the $50k we spend last year can not lower our tax burden because I have too high an income? Something seems to be missing here...I have never heard of this on any of the podcasts (I ...
Christian Orellana
NYC tax review request
Hi,I own a small 16 rent stabilized unit in NyC. The dept of finance has my estimated gross income over 150k then what it really is. I Just provided them the info stating that their estimated gross income is extremely...
Nazz Wang
How is a small multifamily appraisal done?
I would like to ask a beginner question: how is the appraisal value arrived for a small residential or mixed use multifamily property?
The particular property is 8 units with two store fronts. I would like to know wh...
Christopher Ward
Minimum income requirements
Hello, If I would like to rent my SFR for 1600 a month, the minimum requirement would be monthly gross income 3 X 1600 = 4,800. I'm assuming there's 160 work hours per month ( 4 weeks X 40 hours ).If they're making...
Joe Arida
Double close vs assignment taxes?
Hi everyone! I'm wondering what the differences would be between a double close vs contract assignment when tax time comes? As far as I can tell for contract assignment it would be income tax + self employment tax. Fo...
Kristian Kotov
What are the Options for My Client?
My Client has following Situation: 1099 Worker; Same Profession the last 8 Years2023 1099 Gross income $87,0002022 1099 Gross Income $134,000 Looking to buy a Condo, SF, or Multi-Fam, and rent out spare rooms & Ap...
Jerrmarco Rhodes
New Guy Needs help with multifamily analysis
I found this deal which is actually for 2 properties with a combined total of 125 units. This is priced at $2,800,000 . The listing says it has a cap rate of 12.84%. I divided the NOI by the derived cap rate(from the ...
Billy Raz
Texas: Net Income Taxes from Single Family Rentals
So,I know that Texas has no state income tax. Does this include net rent for rental homes under an LLC?For example, if I show a positive net cash flow of $1000 for a rental property, is the IRS going to collect any i...