Daniel Patton
LLC questions
So I am currently set up as a sole member LLC (officially as of today) but have not yet filed the 8832 or 2553. My question is, does anyone have their LLC set up so that the only member is actually their living trust?...
Shannon Dennis
401k withdrawal to replace HML
Hello Bp,
I would like some feedback on this creative financing I am trying to do.
I have done 2 successful flips and also have one 1 buy and hold.
Now that I have a little skin in the game I’d like to ask my dad ...
Dylan Dell
Wholesale Tax Implications
Hello All,
Just a quick question for the seasoned wholesalers out there. I'm wondering what the tax implications are specifically for wholesaling and which forms are utilized. Obv- my best bet is to touch base with...
Phillip S.
Indemnity deed of trust - is it a good idea?
Question for anyone who may know the ins and outs of this. I'm in the process of doing a blanket refi on two of my properties that are owned by my LLC. The bank is setting it up as a commercial loan where the LLC is...
Devlin Man
Question about title of a foreclosure property with multiple mortgages
BP Community,
I'm looking to purchase a property in Boston, MA which has a troubled past. There are approximately 5 mortgages recorded against this property and only 1 release recorded. The hold...
Doug Wint
Tax Paid on Gift (Private) Money
Hi everyone,My in-laws are gifting money to my wife and I toward the down payment on our first home. From what I've read, it's best to let those funds sit in our account for about two months to show that it is indeed ...
Stuart Fillmore
Purchased mother-in-law’s home, but facing a large tax bill
I have a friend who sold their Utah rental home in order to fund the purchase of their mother-in-law’s home (also in Utah)—to provide her the funds she needed to live out her last few years. They were planning on ren...
Stefhan Malherbe
Tourist (TDT) tax question
Hello BP community,I pay the TDT tax to the county each month for my monthly STR income.However, I have a 50-day booking which covers most of February and March. Since this is a booking of more than 30 days, do I stil...
Gabe Belloli
Selling LLC with property in it or sell property by itself?
Recently it was brought to my attention that instead of selling an apartment complex as an individual asset, you can sell the LLC which own that asset and avoid or at least significantly reduce what you owe in taxes. ...
Richard Rodriguez
Should I go on Title?
My mother recently purchased a property in a 55+ community and is the only one on title. I'm the only child and she is divorced.
I'm thinking it's always best to avoid probate and was wondering if I should also go o...