Amanda Malson
Out Of State Investor
I have a business partner who lives in Texas and would like to invest 150k into a house flip in California. Does anyone know if he would have to pay CA & Texas Income tax on any profit made??? Any other taxes requ...
Blake Hansen
Coronavirus Addendum/Amendment from CA Association of Realtors
Found this today. We're just a few days away from closing so if it's relevant for me it might be for you too.
(apologies if this is already posted elsewhere)
https://www.car.org/aboutus/mediacenter/news/covidformcva...
Rashid S.
Unsold property expenses - put on personal 1040 or under business
Hi Guys,I am not looking for a CPA level advice but just looking to know the basics to vet out CPAs when i go talk to them.I started in real estate last year. first property i bought at auction with cash was under my ...
Chris A.
Buy Flip With Cash / Immediately Finance
Is it possible to buy a house with cash and then turn around and finance it immediately? We're looking at a property and only cash offers are accepted.
We have the cash to cover it but would ultimately want to immed...
Ben Bakhshi
Should I expense tax and insurance escrow payments monthly?
This is a bookkeeping question.Every month we make a mortgage payment which includes: Principal, Interest, and Tax & Insurance.I split the payment in Quickbooks Online, so every month our mortgage goes down, plus ...
Nick Drury
Selling “Basis” portion of property to a partner
When selling a portion of a property to a partner, is it possible to sell the “basis” value portion of my property and not the “capital gain” portion such that I don’t incur capital gains taxes upon sale? When selling...
Sasha Josephs
**Mom is Gifting me a Down payment - How to Set This Up?**
We want to avoid going to a CPA, so thank you to any BP'ers in advance that can shed light on this topic. Maybe this is something you've gone through before?! We are new to this.So, my moms is gifting me a down paymen...
Tej Patel
Bed Bugs in Multifamily home
I have a multifamily house in NJ. My tenants both complained about cockroaches, but the first floor tenant said she also has bed bugs. Knowing this, the cost will be incurred by the landlord. However, should I pay for...
Wesley Myers
Tax question regarding write offs
In the process of getting our STR ready for next season to begin renting in March 2021. We’ve been spending quite a bit of money updating but I just realized we won’t be able to claim these expenses in 2021 when it’s ...
Raman Bindlish
How does Cash out Refinance accounted from Tax Purposes
I have a question with respect to Cash-Out Refinance.Background and some context- We bought a duplex last year and put in some money into it.- It lost money this year due to an eviction and we ended up doing a major r...