Mike Hanson
How long to wait to get another Capital Gains Tax Exclusion?
We bought our previous home in April 2013, lived in it until April 2015, then sold it recently in May 2016, which qualified us for Capital Gains Tax Exclusion.We bought our current home in October 2014, lived in it si...
Yacine Rimmo
Last year Tax return no processed vs Lending
Hello BP Community,
I am a long distance rental property investor, living in NYC my portfolio is in PA. Right now in the middle of refinancing and could be able to cash out all money I put in a deal in the same time ...
Cheryl C.
Tax Question: Charitable donation to fire dept. if house was going to be torn down anyway?
Years ago, I read that you could donate a house (structure only) to the fire department to practice on, wrecking it in the process. The charitable donation was the value of the structure. I believe that I read that ...
John Fong
where to investment 1031 money
I'm selling my investment property and want to do a 1031. I'm thinking about where to invest that money into, and was wondering if the following is possible? Anything to pay attention to in each of the following scena...
Jason V.
Section 121 gains exclusion reported on what IRS forms if home was rental for 2 yrs??
It's my understanding that if there's a "partial exclusion", I'd use a Form 8949 with Code H...And if it's "fully excluded" and there's no 1099-S issued (which I indeed received no 1099-S), then I'd simply not mention...
Paul Clements
Tax question on selling principal residence
(I'm copying this over from the buying/selling forum)I've lived in a home for 20 years (it's a 50 year old, 1200 sq ft manufactured home, basically a double-wide trailer, that has very dated decor, drop ceiling, and i...
Tamika Rue
Tax certificates and liens
Hello all! It's been awhile, I've been laying low. I applied for a property a couple months ago and I just got the tax certificate today. This is the very first tax lien property I've ever purchased. I was going to tr...
Lyle Cooper
Real estate professional qualification
The real estate professional rule states:"A taxpayer will be considered a real estate professional if (1) more than one-half of the total personal services the taxpayer performs in trades or businesses are performed i...
Kevin Polite
Expenses vs. cost basis in renovation
I read somewhere that when you are remodeling a house to rent that some of the repairs actually can be written off in the year in which the remodel takes places and that it all doesn't have to be included in the cost ...
Sarah Humbargar
Section 8 - can the tenant run a business from the house?
We are under contract on a property with an existing tenant that has another 10 months on their lease with a HAP contract. I am unfamiliar with section 8 and we have never owned a property with a HAP contract, looking...