Caleb Webb
Capital gains question
I have a condo i bought about 8 years ago. I lived in it the first 2 years then had to move for work. I rented it out to a friend and have hardly made any profit after hoa and mortgage. It's worth about $150,000 more ...
Chris Martin
UBIT only applies to property held <12 months?
Seems to me, reading the instructions for form 990-T, that UBIT only applies to assets held less than a year. In the instructions for Line 4a—Capital Gain Net Income, the IRS says:
Generally, organizations require...
Julie Hill
Am I estimating capital gains correctly?
Hey all, I have 2 stupid q's:1) I need to put aside $ from a flip we recently sold for capital gains. I am calculating 20% from the net profit (we are in CO)... including AFTER holding costs and reimbursing our own $...
George Wang
Can I form a LLC to manage my own properties?
Long story short, I would like to funnel all the rental income from my properties to my property management LLC and pass profit/loss onto me after deduction. I am interested in doing this because I can potentially exp...
Donald D Michna
Capital gains taxes after retirement
I was speaking to someone about there rental property and they mentioned that if they sell one of their rental properties after they retire or have of income of less than $33k a year that they do not have to pay capit...
Will Lenz
First flip goes great!
Investment Info:
Single-family residence fix & flip investment.
Purchase price: $215,000
Cash invested: $50,000
Sale price: $349,999
My wife and I purchased the home from a friend whose demen...
Brian Scott
CPA help: Report Rental Loss on 1040
2021 is my first year as a landlord and to save money I'm doing taxes myself for the first couple of years. To avoid doing anything wrong I wanted to double check a few things. Can any CPA's answer the below? I've sco...
Brandon Elliott-Pandey
How to get money out of your 1031 exchange! LEGALLY :-P
I had a thought the other day and after asking around from a handful of agents, seems like this is possible. I am a REALTOR and have property that I am interested in 1031'ing. If I pay a buyers agent fee and sellers a...
Alex Breuer
Advice! Sell or rent? Tax burden?
Im looking for advice on what to do?I bought a condo for 80k in Dec.2018.My original plan was to rent it out. (after calculations ill cash flow 500.00 monthly)Ive been working on the property and i had a visitor the o...
Justin Lee
Refi out of private money loan
I am currently wrapping up my fix and flip and wanted to look at refi options in Atlanta , GA. What’s the best way to go about it. Also what’s the benefit of refi vs sale