Peace Lily
410K early withdrawal with penalty, Cares act
Hi BP investors and CPA professional, I have a question re. this topic. I currently have a loan of 30,000 against my 401K. Due to furlough status since 04/01/2020 and reduction of work force, my position was eliminate...
Tricia O'Brien
Depreciation - paying back after sale of a rental?
I am trying to understand how much depreciation I will have to pay back to the IRS if I sell my single family rental home that has been a rental for 5 years. Is it the full cash amount I depreciated or the amount of d...
Michael Terry
Mortgage Notes & LLC Taxes
Good morning all, I have formed an LLC out of state in order to insulate myself when buying mortgage notes. If I put that asset in the name of my LLC and receive payments through it, I am assuming I will have to pay s...
Mike B.
CPA - Tax strategy and how to pay little taxes
Ive been reading into the Robert kiyosaki / Tom Wheelwright Podcast lately and i'm intrigued into being able to convert business income to passive income and potentially paying as little taxes as possible , I wont g...
Jimmy Jones
how depreciation is calculated
Hello All,I am trying to understand how depreciation of a long term upgrade (Solar) is calculated for tax purposes / understanding the real cost. My question does the depreciation directly offset net profit? Examp...
Wells Mangrum
Should RE investors maximize IRA contributions
Hello,Should real estate investors maximize IRA contributions? To answer this question I will assume the following conditions regarding the investor:1) Aged 40.2) High income as a physician: currently in the top ta...
Leo Kane
Clarification on Income Taxes from Rentals (from RocketMortgage?)
Hi, I found this article on Rocket Mortgage about taxation on rental income: https://www.rocketmortgage.com/learn/how-is-rental-income-ta...There is one more line at the bottom that says $174K + 37% for 578K+ for sing...
Julio Gonzalez
Cost Segregation Study on Business Center
If a Cost Segregation Study had not been performed on this $10,300,000 business center located in Brentwood, NY that was purchased prior to 2023, it would have had first year depreciation of approximately $154,000. ...
Darrell B.
How much has your cashflow increased over time?
I'm curious as to how cashflow has increased from time of owning a property. Let's say after the 5 year mark or 10 year mark. I know rental percentages increase differently for different markets and there's a national...
Dina Harleth
Calculating capital gains on sale of gifted house?
Hi everyone,
I'm contemplating selling a house that was gifted to me by my father while he was still alive. I'm trying to calculate what I'd net from the sale of the property (to make a comparison between sel...