Kate Ellis
LLC Taxed as an S-corp for flipping
We just set up our LLC in Illinois to flip houses. I'm preparing to file for our EIN with the IRS and need to decide if we want to be taxed as an S-corp or partnership. I'm all for S-corp except for the requirement ...
Pradeepan V.
Solo 401k investment question
HiNewbie here. Awesome forum. Love reading great posts. So this is my situation. I have a Solo 401k trust account established through mysolo401k. I have got my EIN too. They have been very helpful in answering my que...
Jeremy Bernard
tax implications on a 401k early withdrawal
Good day BP Family,I've tried to search what kind of taxes I'd face with an early withdrawal from my 401k and have not really found the answer to my particular question. Just using roundish numbers, my annual salary (...
Isaiah Wily
Mortgage Broker has me worried
Hello, After going through all the pre qualifications and being told I could offer an amount on a property, my Mortgage broker is now saying I need to show more income. I’m worried because we are a week out from closi...
Stanley Nguyen
Tax on private lending fund
I have been lending funds to a close friend of mine for a rate of 8%. I got a 1099-INT from him to file my tax, which I paid a big portion out of 8% (effectively around 6% after paying the gov). Is there a better wa...
J B.
New Reporting Rule 1099-k for 2022
Today I received a message from Apartments.com requesting tax id information. Stated that starting in 2022 amounts more than $600.00 will be reported with 1099-k and failure to provide the tax id will suspend any futu...
Jacob Masters
TSP/403b/457b vs. Rentals
Confused about what is the best decision for me and my family. My wife and I have access to three pre-tax retirement accounts, each of which have good low cost index fund options. I expect that we could max out all th...
Jason Blain
Using a C corp as an umbrella on other llc's in Michigan
I have an idea of how I want to set up my company for the future and want to run it by the BP community for feedback, I currently have an LLC in the form of a remodeling business that is supplying much of the capital ...
Garrett Lickliter
Issue with Tenant Cloud for managing properties... wanting input
Hello,First post and not sure it is in the right spot, but hopefully it's correct! I am a broker and investor in Indianapolis.I am looking to reach out to other users of Tenant Cloud to see if they are having some of ...
Michael Dunn
Rental Income ...Deductions..Taxes on it...How would this work ?
This year will be my first year in claiming Rental income / taking Deductions via ..... Interest, Insurance, Taxes, Depreciation on one of the two properties that I have as rentals ( the other rental , I will have to ...