Varun Parkash
CPA tax filing mistake creating issue with underwriter - HELP !
Sorry for such a long post but details are criticalNeed some guidance regarding my friends situation. He will loose his deposit and all loan fee paid if he did not get this loan approved = 2K (loan fee non-refundable ...
Russell Roberts
Tax effect of personal residence cash out loan used for investing
I did a cash out refinance on my primary residence in 2017. I did Not use the loan proceeds to buy, build, or substantially improve my primary residence. Instead, I used it to fund other real estate investments. So...
Lynne Smith
1099 Reporting from Property Mgmt Company
If there are any BP Tax Professionals that can help I would really appreciate it - my accountant isn't sure on this one. I've made a blunder in not comparing the 1099 from my Property Management (PM) company to the ...
M Marie M.
2016 Real Property Discount Tax Sale
My local ANC sent me and my neighbors an email about the 2016 Real Property "Discount" Tax Sale. I only partcipated in the DC Tax sale once, had no clue what I was doing, bid angry, but managed to get a decent return ...
Burt L.
How Can A Self-Employed Wholesaler Best Present Tax Returns to Qualify For a Personal Residence Loan?
After wholesaling rental properties and being tired of being a tenant again myself - I would like to be able to qualify for a conventional loan. In speaking with a local tax attorney, I was told that 2013 was the last...
Dick M.
Furnace depreciation, where to post
I put in a new furnace this year, I known I list it in part III of my 4562, but then do I combine it with the property on my schedule E or does it get its own column?
Molly Jacobsen
Can a Schedule C be filed? Multiple LLC's?
Hello, there is an apartment complex and some single family homes. Ther is also own an LLC. None of the properties are finance through the LLC due to the difficulty of securing the loans in the LLC name. The LLC is...
Daniel Flores
Accidental landlord Tax question
New job is going to take me away, having me moving from my primary residence and hoping to rent the house out. I am wondering how this is going to affect my tax liability on what was my primary residence. Don't want a...
Dustin Keiswetter
Investment Property Flip, Boot Tax Question...
I am close to closing on my first flip. I have paid mostly cash along the way (year and a half) So I am needing to keep some cash out of the 1031 exchange. My question is if I bought the house for 10k and put 30k into...
Taylor Chiu
Parent's HELOC used for my rental. Tax deductible?
Last minute tax question here. I used some funds from my parent's HELOC on my investment property. Is the HELOC interest in this case deductible? Could my parents deduct it on their taxes, or would it only be on my en...