Dan Griffin
Walk me through how taxes work
Hi,
Can one of you walk me through how taxes work on an investment property?
Let's assume the following. 50k property.
Income - PITI = $910 in cash flow for the year
Rental income - (Intere...
Marc Izquierdo
What number is taxed on a financial statement?
I was starting to build, edit, and run a few deals through a spreadsheet I developed. Below is an example of the financial statement portion of the spreadsheet. I was wondering which number the IRS uses to determine...
Greg Baker
50/50 Partnership legal costs and depreciation benefits?
Hi everyone, few questions, I'm in New York if it matters. I'm in the process of researching to purchase my first buy and long term hold. I'm considering partnering with someone 50/50 to make the first purchase less...
Jeremy Zindel
Business overhead expenses on a Schedule E
Just wondering what the correct way is to handle business overhead expenses for my rental properties when it's time to account for those expenses at tax time? (i.e. cost for business PO box, Quickbooks, miscellaneous ...
Account Closed
Should we get a CPA if we don't have income?
We started our LLC in November 2016. We have no income to report and minimal deductions. What is the cheapest way to complete a 1065 and generate K1s and Schedule Es?Is there a good website (like taxact.Com) or shoul...
Michael Brown
Tax Question - 1st Property
Sup BP Fam,My fiance, and 2 buddies, just got a property under contract in Quincy, Massachusetts. (just outside South Boston, and Dorchester) It is a 6 bed 3 bath property. We will live in the 5 bed 2 bath unit and re...
Jake Handler
Seller Finance Payment Method
For anyone that has been a buyer or seller of a seller finance property, what method of payment and tracking did you use for buyer to pay seller monthly? I'm looking for the cleanest & most visible way to access ...
Daniel H.
Schedule E
Has anyone on here ever added extra income or not deducted all eligible expenses in order to show more income on your schedule E? You would pay more taxes but it could make the property more attractive to buyers and ...
Shafi Noss
Depreciation from Cost Segregation taxed at 1250 Recapture rate?
When a passive investor in a real estate syndication takes depreciation, they are required to pay back that depreciation on sale at the 1250 recapture rate, capped at 25%. Does anyone know if depreciation from cost se...
Alex Bernth
Taxes on cash flow
Hello everyone, I hope y’all are doing well. So since rental cash flow/income is taxed by the IRS, would I be able to use my renovations cost as a tax deduction? Therefore it’s seen as a loss similar to if a property ...