Navid A.
What is my LLC classified as by the IRS?
I have a LLC with my wife and I listed as members under the Articles of Organization. Does the IRS consider this LLC as a sole Proprietorship? Also, since it's a pass through entity, I don't need to file a separate re...
Amanda Montague
PROBATE
Hi BP family, I have a couple probate questions for you (I'm in California, near Sacramento). This is the process as I understand it so far:-go to the courthouse and compile your probate list-direct mail campaign-when...
Allen Seto
Probate - Estate Appointment Terminology - help?
Hi Folks,I have been down to the courthouse in my city and was able to pull some probate files that I hope can generate leads for me. I have a question regarding some of the terminology. On the application document,...
Eric Williams
W-2 Income and Depreciation Offset - HIGHLY UNLIKELY
It makes sense to want depreciation to offset ordinary income.
Here's the kicker:You need to establish that you are real estate professional. Then you establish material participation.There are two tests to a real es...
Eric Gabriel
Need New CPA for Multi-State Return
I invested in a fund that invested in several states. As a result, I got a tax bill from my CPA for my business at $1600 (last year $500) and personal $1300 (last year $300).
I have...
-1 rental property in Por...
Alexandra Isenhour
Passive and Regular income when filing taxes
I have $200,000 in regular income for a separate business and $200,000 passive income in real estate investments business and my accountant files them together. Shouldn’t they be filed separately? By filing together i...
Mike Simmons
Filing Taxes with Newly Formed Partnership LLC
Hello all! I bought my first rental property this year with a partner. We opened an LLC together. My question is pretty basic, but since this will be the first time I'm filing taxes with a business, I was curious if I...
Benedict A Hubbert
Title Issue with multiple deeds and deaths
I came across a potential deal with title issues. The father of the person I was talking to owned the property. He filed gift warranty deed in 2001 to his mother. Then in 2013 filed a warranty deed to the daughter....
Saran Mandhadapu
How to setup parent and subsidiary business bank accounts?
Hi,I have formed a holding/parent LLC company and a subsidiary/operating LLC company which is 100% owned by the holding/parent LLC. The idea is to buy rental property in the name of the subsidiary/operating LLC.I was...
Vanessa Blais
No probate yet, and that's the problem...
I know that most of the courses teach to search the probate filings and get in touch with the personal rep or the executor, etc... but where I live we have a lot of elderly people, who often pass with no heirs at all ...