Jacob Pressures
Apt in GA. Own House in AL. Pay GA taxes. Disqualifies HELOC?
I guess I should have kept paying double taxes. IF i pay taxes in another state, that means that is my primary residence. Thus I can't get a HELOC on the house i own because it is not my primary residence. I stopped p...
Matt Arden
Should I file tax return on LLC if didn't pay any properties
Hello, I was wondering if I should file a tax return on the LLC I formed in Wyoming for my rental property business, even if I made no money in 2019 and bought no properties. I live in Florida and I am about to do my ...
Jackson Mayer
Pay other State's Income Taxes on STR that I manage, not own?`
Good morning! We own a small business in Florida where we manage 25 doors for STR. We are looking to expand into some other states that have state income tax, but not exactly sure what that looks like for state taxes....
Nick B.
How to convert traditional IRA to Roth and pay very little taxes
I have recently heard of an interesting tax-saving strategy of how to convert traditional IRA to Roth while paying very little in taxes. I would like to share it and get some feedback.
In this example I'll use a trad...
Craig Connors
Is there a tax deferral option after a Seller Financing pay-off ?
A seller named Al provided 80% financing on a commercial property he sold in 2008. The owner (Josh) is now selling the property and Al's loan will be paid off. Can anyone advise if there is a way to further defer the ...
Emerson Irias
When and how do I pay taxes on profit from a flip?
Good evening BP, I just flipped my first property and have a question on when do I pay income tax on my profit? And how do I do it? I have contacted a CPA and he told me that I don’t have to pay for two years or if I ...
Simon Obas
How can I minimize what I’m paying for taxes on flipping homes?
Peace. I flipped my first home last month and plan on flipping more homes this year (yay). But I’m hearing the IRS is going to kill me with a tax bill (capital gains). I have an LLC but I’m hearing I should switch to ...
Igor Balakhnin
Do you pay capitol gains tax on owner occupied duplex at sale?
Hi,as far i was aware this whole time when you owner occupy your duplex one side and rent the other for 2yrs and you sell it within 5yr period there is no capitol gains tax. Is that statement true? I'm getting a lot o...
Kevin Brenner
HELP! Seller wants to sell, but doesn't want to pay the taxes
Looking for some BP tax experts/investors on this one: I was cold calling potential sellers the other day and talked to an older gentleman who owns over 25 properties in my area. He has considered selling in the pas...
Mara M.
1031 Tax exchange or use sale proceeds to pay off other rentals?
Hello. I need advice. I am selling one of my rentals that is wrapped in a note with 3 other properties. I can either use the proceeds to pay off the entire note or do a 1031 tax exchange. If I pay off my note, the...