Mike Schorah
Has anyone ever listed a wholesale property on BP classifieds?
Has anyone ever successfully assigned a wholesale contract on BiggerPockets classifieds? If so, how did it go?
Adolf A.
Sect. 1231 Gains...Can they be classified as Partnership Income?
Below is the scenario that is unfolding for us. Looking to minimize taxes and and maximize retirement funding.Appreciate any insights.-------------------------------------------------------I am part of a multi member...
Gerald Maliszewski
How to Classify house in Quickbooks as Assignment or Rehab
We are using quickbooks for all property expenses as we acquire them. I am wondering if there is a way to classify them as an Assignment, Rehab or Wholetale (just clean up and take stink out). The reason for this is...
D.J. Parten
Classified as "Vacant Land" but there's a house on it
Hello everyone, I'm looking for creative ways to deal with the following scenario. There are properties for sale by the state that are listed as vacant lots. The state got these properties from tax sales many years ag...
Ryan H.
Switch to Personal Checking Account if Not Classified as Business
Some time ago I opened a business checking account to separate out my rental income and expenses from my personal income and expenses and because I thought that, from a tax perspective, my rental activity would qualif...
Noah Bacon
Looking to connect with local professionals? Utilize our Classifieds Forum!
Hi there! All advertising must be posted within our Classifieds forum only! We consider looking for or offering products, properties, services, referrals, recommendations, or loans to be advertising according to our f...
Jon Barnier
Newbie here, best way to classify rental for tax season
Hello! I’m new to investing and live in the Seattle area. We purchased a second home this year with the intention of renting it out whenever we aren’t using it. I know there are specific rules as to whether you can cl...
Lacey A.
Recs for Automatic Mileage Tracker
And Go! I'm canceling quickbooks ($20/mo) and want to implement a new app to track my mileage. It must: 1) Automatically Track my Mileage 2) Provide a comprehensive export to excel/spreadsheet for tax purposes 3) Free...
Michael Myers
Buy Note at a Discount
When buying a note at a discount (e.g. $100k performing I/O note for $90k), how do you classify the extra principal you get back when the loan matures? It can’t show up on the 1098/1099 since it wasn’t charged to the ...
Brian Nel
Renting part of a homestead property
I am looking for information regarding how HCAD handles a property with a homestead exemption where part of the property is used as a rental. In all definitions, the property qualifies for a homestead exemption but I ...