Sheena Varghese
Flip taking longer than a year and tax implications
Hello,My current flip will take longer than a year, about 18 months. Can I still deduct all renovation costs from the profit in regards to paying taxes on the profit. I have all cash in the property and for renovati...
Steve C.
What's your better return- Invest in tax liens or pay down PMI?
Hello everyone smarter than I. Here's the situation; I've one rental SFR at the moment that cash flows fairly well. I'm saving 30% of my income from one job and all my income from a second to have more money to inve...
Bharath Raj
How to pay my portion of property taxes only and get credit
I bought a portion of a commercial property (I own 5100 sq ft detached building while the original owner owns 16550 in 5/2017. At closing, I received a credit for pro rata estimated property taxes for 2017. Harris cou...
Lingo Lin
How to pay zero taxes while owning a business and real estate?
I get the tax code is a series of incentives or penalties depending on how one structures their financial house.Now if I own a business and invest in real estate, how can I effectively pay zero in taxes?If I’m creatin...
Larry Turowski
LLCs and S Corps, how much do you pay for tax prep?
I have an LLC for rentals and an S Corp for flips. Between cleaning up my books and tax prep, and filing my CPA charged me $1,200 last year and it may be more this year. I'm thinking it's just too much. I use Quickb...
Benjamin Allen
Pros and Cons of Escrowing Your Taxes and Insurence with PI Pay.
Hi folks, I'm closing on my 3rd Property next week and I was curious what the pros and cons are of escrowing. I have escrowed for every one of my properties thus far including the one coming up. I guess I was curious ...
Kumar Gaurav
Living in NJ remote work in CA pay tax in both states?
Hello,My employer is in CA and I worked remotely from NJ in 2020 , I also own a multifamily in NJ and earned rental income in NJ. Do I owe taxes in both states even though I did not live in CA?Thanks
Philip Gusterson
Nevada entity flips a Texas property: does it pay TX state tax?
Do you have to file and pay State taxes in states where there is a State tax if you are buying and selling in a Nevada LLC? i.e. Nevada entity flips a Texas property: does it pay TX state tax?
Michael Dunn
Renters paying $500 per month .... How to Deosit it Taxes on it?
Good Evening ,I'm in a situation that is a good one , although it is new territory for me , and I need some wisdom as to how best to go about it.The situation is ..... I just bought a House that has a separate " Moth...
Jonn Vidal
GROSS OFFER Buyer to pay 'All' Closing costs even Xfer Tax! Okay?
Is that ok at NY closing table or is Cash Buyer just fluffing?
I'm thinking hmmm what about say (besides commissions if any): Closing attorney, Property Tax Adjustment (usually $500?) and that thing where you 'ha...