Grant Smith
Tax write-offs early on, and before a first property
Hi all,I'm taking action to flip my first property this year. And, I also intend to wholesale - both as a means of building up capital which will then be used towards buy and hold properties. With that I have already ...
Oliver Lazaro
Partnering up with a friend on our first deal
I'm thinking of doing a deal with a good friend of mine. We both know how to do most of the work, but it would mostly be him since i have another job that takes up a lot of my time. I would be basically funding the re...
Bruce Gardner
1099 Contractor Question for Newbie
Are the costs of a 1099 contractor fully tax-deductible in the process of doing business on rentals, BRRRR, or flips?More specifically, I'm looking at entering into an agreement with a contractor where their fee will ...
Jodey Rifenburg
What can I do with profit to “hide” it from immediate taxes
I have had profitable years in the past and have paid a significant amount in taxes. This year will be more profitable than before and I’m working to gain the knowledge to help me not continue to just stay on this pat...
Tyler Frost
Tips on Dodging Uncle Sam
I just recently bought my first flip house. All in after closing cost I'm at $75,000. I'll have $20,000 in rehab and the ARV is about $130,000. Based on expressed interest I don't think I'll have any problems getting ...
Debbie Hannappel
Multifamily syndication- questions about being a passive investor
When looking at being a individual passive investor in a Multifamily syndication, is it best to become an LLC yourself or stay as a individual investor ?Does anyone know if as an individual passive investor in Multifa...
Michael Plaks
Explained: How CPAs charge you (and why)
'Tis the season for CPA hunting. And every year there're dozens of repetitive threads on this forum asking/debating/complaining about the CPA charges. I will try to assemble all related questions in this one long post...
Joe Lijoi
Tax treatment of LLC with no income but expenses
Hi all!
My current full rehab duplex project is owned by an LLC which owns nothing else or has not generated income yet. My question is can I use the expenses incurred on the project as deductions even though there ...
Youngwoon Han
Purchasing a 2nd property question as a married couple
Hi Bigger Pocket community,Assuming I should consult a tax/mortgage professional, I'd like to ask y'all for knowledge a guidance here. About me: I own a 2-unit house that I have been house hacking. I have a convention...
Alex Scotte
Are there penalties for withdrawing roth IRA?
The money I used to start the IRA was post-tax and the value of the IRA is less than what I invested. I was thinking of waiting for it to even out, or close to it, and re-invest the money somewhere else. Are there pen...