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...
Paul Roth
Do I still pay taxes if I re-invest my LLC's revenues?
I'm planning on mounting an LLC to start my first real estate investments. My plan is to immediately re-invest all profits generated by the entity, in the name of the LLC, so I pay no taxes on it. I would probably inv...
Jason Powell
Is it a bad idea to just sell and pay the taxes?
Are there any BP members here who have a strategy of simply flipping apartment buildings to build wealth, and just pay the tax as a cost of business? As I move along my RE journey (just 5 years), I look at the deals I...
Emily Cole
Two quotes for one job; Maximize expense for taxes or pay less?
Let's say you have an expense that is a repair. You have two different quotes for two variations of the repair job. For context, your cash flow/income is small. One quote costs more than the other. Is it better to max...
Benjamin Herrmann
Does paying a vacant home's property tax give me title to it?
My mother-in-law owns a rental property in Portland, OR 97236. There is a vacent property directly behind her's. I looked up the county tax records to find that they have not been paid in 3 years, making the total amo...
Bryce Carroll
IRS wants me to pay taxes on a SDIRA distributed property's note
Appeal rejected, heading to tax court. 5 figure case.
I distributed a rental property from my SDIRA in 2020 as a cares act withdrawal. There was a mortgage on the property. The irs wants taxes, penalties, and intere...