Account Closed
Am I doing the tax math correctly?
Hi All,I want to confirm if I understand tax implications of a rental property correctly. The biggest confusion point for me is if rental income is taxed on gross income or net income (I think it's gross?)Here's an e...
Bobby Andrews
Deductions for non-REPS
Hey everyone - first post here but have done a lot of research and reading. Hoping I can get some guidance with my question!I own a 3 unit commercial building that generates about $50K/year in net revenue. I'm self em...
Himanshu Singh
Tax advantages for STR/Airbnb owners
Hello All, Quick question to see what others are doing for optimizing tax advantages for STR. Background:We got a second/vacation home during the pandemic and now its ready to go online as an STR in the Russian River ...
Javan Bowsher
End of year accounting
If I have a guest stay for a week, starting in December and leaving January 1, how should I account for the revenue from that stay, as it is in the transition from one year to the next? Would all of the revenue go int...
Shankar Kantharaj
What's the tax optimal way for Canadians to invest in US?
Assuming I'm a Canadian resident for tax purposes, to buy US property would it be better to incorporate in US, incorporate in Canada or avoid investing in US all together and why?
Richard Andrade
LLC Cash Out Refi Tax Question
Hello! I have a scenario, I wonder if someone with tax skills can help me figure out. Here's the hypothetical:An LLC with 2 members owns $2 million in fully-paid residential real estate assets. No mortgages. The LLC w...
Cody Hahn
Wholesalers in Pennsylvania, I need you help
I am just starting out in wholesaling, and I did a little research and I seen that in PA you are not supposed to use an assignment contract, is this true? If so, what contracts are you guys using?Any advice will help ...
Eugene Phua
Real estate taxes for non-citizen
Hi BP! I'm a aspiring real estate investor from Singapore and I just found out that my country does not have any tax treaty with the US so I would have to pay a flat fee of 30%. In light of that, is it still wise for ...
Lynn Z
rolling 1031 exchanges - holding period
Does replacement property have to be "held" long term or can you improve the property and do another exchange "equal or better" ? Isn't the intent of the law to continue your investment and therefore you are merely ...
Kalman G Szabo
Pennsylvania Inheritance Tax Payment for a sheriff sale property
Dear Fellow BPers,
Here is the gist of a recent sheriff sale acquisition that I would need some help with and it might be educational to some of you.
I acquired the property at a PA Sheriff sale through a mortgage f...