Michael Plaks
QBI calculation for Sch C - accountants are confused, too
Guys, we know that 20% applies to the Qualified Business Income (QBI). Let's ignore service businesses, phaseouts and all other complications. Let's take a wholesaler netting $100k. So, he just gets a $20k below-the-l...
Rhett Z Begley
New LLC/S-Corp establishment advice
Good afternoon everyone!
My wife and I are moving to Virginia in three months and will start flipping houses when we get there.
We’re getting an LLC and S-Corp set up now so we can hit the ground running when we ge...
CJ F
Does the IRS compare tenant/landlord tax returns?
For example, if I state on my return I made 21000 for the year from a duplex, while one tenant says they paid 12000, and the other tenant says they paid 13000. Anyone know if the IRS computers go through and compare ...
Wayne Brooks
1031 Exchange question-condo conversion
@Bill Exeter @Steven Hamilton II, other experts....I think I know the answer, but want to verify. Apparently his current CPA thinks Yes to # 1).Owner has owned 5 plex for 30 years. He thinks he can convert to condos...
Steve Smithy
1031 replacement property mortgage: conventional or commercial?
Do I need to use a commercial mortgage/note to buy a replacement property on a 1031 exchange?I sold a property, used a 1031 qualified intermediary to hold the funds, and now I want to buy the replacement property. I ...
Mike O.
1031 property in personal name into a STR in LLC
My wife and I own a rental in Minnesota that we are wanting to sell and do a 1031 exchange into a STR in Florida. The problem is the Townhome is in both of our names and the LLC is only in my name. Will we need to jum...
Benjamin Sussman
Starting a short term rental property management business.
Hey BP Community. I am starting a short term rental property management company and I am wondering a few things:-If you use a short term rental property manager, what do their pricing structures look like? Do the per...
Marc Lock
Claiming RE Professional Status as a W-2 Employee
I know this is a difficult claim and has been posted before but I haven't seen any posts with the following specifics:
Taxpayer (aka TP) is a W-2 employee for real estate company that develops and owns/operates mostl...
Daniel Leathers
Landlord Assistance Programs - City of Los Angeles
Hello Bigger Pockets Community,
My wife and I am in the process of evicting some non-compliant tenants. We purchased this duplex in September 2018 and inherited these tenants. The building was built in 1923 and will ...
Michael Plaks
Crazy technicalities: how the IRS defines your age. Spoiler: it depends.
Specific technical issue that triggered this post. When parents employ their minor child, the child is exempt from Social Security and Medicare (aka FICA) - if under 18. But what exactly happens in the year the child ...