Sam Colangelo
Renting rooms and taxes
Hello! Im wondering if anyone can help me understand if i will need to report income I’ve been receiving via Venmo over this past year. I bought a house early 2022 and have two friends renting out two rooms paying me ...
Mary Jay
Penalty for Roth IRA investments?
Hi guys,
Lets say a person puts money into a Roth IRA, but then few years later, IRS penalizes this person because this person was making too much money. What would that penalty look like?
In 2019 I believe for a s...
Daniel Trzaskos
To 1031 or Not to 1031 - Offset Capital Gains
So.. odd situation that I'm having trouble getting a solid answer to. Partner and I bought a MF property via LLC which now under contract. Partner does not want to go the 1031 route and is ok with the capital gains hi...
Josh Owen
forming a nonprofit?
He BiggerPockets what's all your take on forming a non profit and donating a percentage of monies from deals to a cause? Any input would be appreciated?
Michael Plante
You pay income tax on your profit when selling correct?
Ok I THOUGHT I knew about these things after buying and selling real estate for many years BUT am always eager to learn except when doing a 1031 exchange you need to pay income tax on profit when you sell a property c...
Desiree L.
STR Loophole- Huge return for me
I have to give a shout out to Bigger Pockets! I am a regular listener to the Bigger Pockets podcasts when I am doing chores around my house and my STR property. A few months ago, I was listening to a podcast (I thin...
Josh Clinard
Acquiring a Primary residence through a 1031
Just a little back story.My wife and I have our first rental property ready to rent. We planned on renting until August of 2019 as then we will have had the house for 2 years. We plan to sell due to the local market f...
Hannah Lucas
Owner Financing to Refinancing Through a Bank
Hey everyone, I am financing through an owner and I want to make sure that I do everything I need to be doing in order to refinance through a bank. I know the original deal should be documented correctly and there sho...
Aaron Westerburg
Selling Real Estate vs. Selling an LLC
Are there any tax benefits to doing fix n flips where you sell the LLC that the property is held in vs. selling the actual real estate?
Example: Purchase and rehab a house in an LLC, then sell the LLC.
...
Charles Allen
LLC taxed as S Corp - 401(k) maximization
So as my understanding goes, the IRS does not know what "LLC" means. It understands Sole Proprietor, Partnership, and S-Corp, but not LLC. One of the interesting options is to take an LLC and ask the IRS to tax it as ...