Michael Plaks
Sch C reporting of installment sales for residential lot dealers
I usually answer, but now is my turn to ask.Dealers of residential lots are allowed to use installment sale method. If said dealer operates as an S-corp or partnership - reporting is fairly straightforward. But what i...
George Melillo
Using sole-proprietor EIN for rental property
Hello,I run two businesses as a sole proprietor and have an EIN. My wife and I own a rental property, and this year we are required to file a 1099 for contractor work. I do not want to give out my SSN, and would lik...
Ray Acosta
GA RE Investor - LLC and Tax Question
1) Does your rental property need to be under an LLC to take advantage of tax decuctions such as depreciation and mortgage interest tax deductions or can you still take advantage of these deductions if the home is un...
Oscar Martins
Flipper getting back to a 9 to 5 job. Question regarding resume
Hey guys, the flipping business has been tough the last year so I have decided look for steady work. I landed an interview and they are in the process of doing a background check. They are looking for documentation sh...
Pandu Chimata
Flip turns into long term rental
Hello Tax team, Here is the scenario and I want to understand how the cost elements needs to be treated from taxing aspect?I purchased a property to flip in 2022. The property was ready for a sale in 2023 but could no...
Dan Milinazzo
DTI & Timing Refi and HELOC
I looked at several prior posts, but did not see one with enough of the same variables. Hopefully someone can weigh in. I hold a primary and a 2-fam rental. I am looking to cash-out refi the 2-fam then pull HELOC fr...
Tyler Rowley
Learning how important a good accountant is
When I did my 2021 taxes, I wanted to position myself as making enough money so that I could qualify to buy another investment property in 2022I actually didn’t take all of my deductions for one of my houses so that I...
Account Closed
Can I change name on a 1031 Exchange?
If I sell my relinquish property under my name and I do a 1031 Exchange also under my name, can I change my 1031 name into a LLC without a penalty? Should I put my requish property under LLC before I do a 1031?
Ana Brasher
Convert vacation home to rental property
We enjoyed our lake house for many years, but it has been very idle for the last 2 years. We would like to convert to a rental home and qualify for a 1031 exchange and invest in a rental property in Colorado. We kno...
Micah Young
House Hacking Taxes
Greetings, I have seen questions about house hacking taxes before, but none that have answered this specific question:
I am filling out the depreciation section of the Schedule E.
The property is a four family, ...