Account Closed
Prohibited from owning another property for 3 years
Under the Good Neighbor Next Door (for teachers, police, firefighters, and EMTs) program from HUD, you take on a second "silent" mortgage for the 50% discount off the appraised value, and must OO for 3 years to receiv...
Carlson Driver
Impact of state taxes in rental investing
We work out of Washington that does not have state taxes. We are looking to invest out of state in USA for remote investing with Roofstock.What should we keep in mind with respect to state taxes? For example, Texas do...
Julio Gonzalez
Real Estate Tax Deductions Part II
In part II of Real Estate Tax Deductions, I want to talk about the Passive vs. Non-Passive Rule. If your income is less than $150,000 per year, you are allowed to claim up to $25,000 in passive losses. Rental income f...
Chad Whitman
Is property tax credit considered income?
I purchased a duplex in 2019. As part of the closing, I received a property tax credit of $3,000 from the seller for the time they owned the property in 2019. Should that be considered income?
Rich Hupper
balanced equity exchanges
I am reading a book about 1031 exchanges however there is no mention of intermediaries. Everything the book talks about is about 2 party or multi party exchanges. For example in the book they discuss a transaction whe...
Sammy Weinstein
When are taxes due on a cashed out 401k?
Am 60, and have $300,000 with my employer. If I were to cash it out totally, are the taxes due taken out of the $300k straight away, or when I do my taxes next year?
Account Closed
Need Advice: Capital Gain Tax in California
I wanted to tap into the advice from the group: we have a property that has turned into rental in early 2018 but was our primary residence for 5 years before that. If the house were to go on the market, would the gain...
Kristin Lupo
The beginning stages
Hey BP community,
I’m just starting out on this REI journey and I had a few questions. I’m meeting with my CPA today to go over some things. One of the questions I have is, In California, when we close on a deal whet...
William Watt
Alabama - Tax Deeds, Selling and Redeeming
Of course you can sell / purchase / redeem a tax deed, but what happens when a tax deed is sold to a 2nd or 3rd purchaser and then is redeemed.
1) Does the redeeming party have to repay the all the cost of the 3nd ...
Joseph Davis
Determine cost basis on primary residence turned into a rental
Given that you can depreciate a residential property over 27.5 years - if we buy a new home & turn our old primary residence into a rental - does the depreciation start from the date the home is turned into a rent...