Austin N.
No Passive Loss Difference for Single or Married
From my research, it appears that a single individual can write-off $25k in passive losses for non-real estate professionals if their AGI is less than $100k. This benefit is phased out to 0 as income reaches $150k. I ...
Michael Medaglia
Proving “Use” Requirement for Full Exclusion of Gain
My wife and I are approaching 2 years of ownership and use of our only home as our primary residence in which case we should qualify for full $500 exclusion of capital gains upon sale. The problem is she is not on the...
Bill Hampton
IRS Announces 2018 Pension Plan Limits; 401k Contribution Limits
IRS Announces 2018 Pension Plan Limitations; 401(k) Contribution Limit Increases to $18,500 for 2018WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for...
Virgilio Garcia
Married or not married?
Hello BP i have a question. on finance...i am single by the law but a spouse at home. My spouse and i both have excellent credit and have no personal debt. We will be looking forward to closing on a multifamily proper...
Chad Franich
How do I evaluate multiple tenants
Greetings. We’ve recently rehabbed a 3 bedroom house and have listed it for rent. I have several people that have applied and when running their credit reports sometimes say a married couple ( the husband has decent c...
Ellie Narie
Who is allowed to claim rental income?
If an unmarried couple wants to buy or build a fourplex, should both of them be on the deed? Who would be allowed to claim the rental income? Let's say one spouse works and earns money, and the other spouse doesn't wo...
Justin Kerstetter
Advise on giving tenants cash for keys
We rented our 3 bed 2 bath single family home last August to 4 younger college age students. There was one married couple that occupied the master and two males that were in the smaller bedrooms. One of the male tenan...
Nicole Wahl
LLC Taxes
If i've filed personal taxes and listed my LLC as self employment is that all the filing that I need to do since LLC's are pass through tax entities?
Zlatko Devcic
Taking title to a primary home in Florida
I hope I can get some good advice please:We are closing on a new primary home in Florida. I would like the title to state my name, spouses name, as tenants by the entirety. The closing company told me that they have n...
Alia Abbasi
Missouri City/Pearland Rentals
Howdy! I have two clients (tenants) who are looking for a place to rent:Client A is a married couple with 2 kids (11 and 12 years old). Their credit scores are 600ish and 650ish, and their income is approximately 10k ...