BP Good Afternoon! I have this idea of creating a LLC for my rental properties and moving my current properties into the LLC along with my primary residence. I would use the LLC as the "landlord" and rent from my busi...

I will be selling some land that I own and am having trouble understanding the tax that will be due. I entered the figures into 2020 tax software but the amount due does not match my understanding of tax computation. ...

Hello everyone,I have a tax question that I was hoping to find an answer for on this forum. A little background, I am a licensed general contractor in the state of Idaho, and I also have another company solely for inv...

The other day I heard a guy talking about captive insurance companies.  Basically that is a company that insures the company it is owned by.  So for an Example:You own 10 rental homes that cost you $600/year to insure...

I have a rental property in Michigan and one in North Carolina but live in New York.Do I need to fill out State tax forms for MI and NC?  I'm thinking yes but wanting to confirm from anyone who may know.  Thx!

Hi all. I have a situation I've never seen before so I need some help. I have a deal that I wanted to keep for a rental because of the location. I have it under contract for $160k and it's worth about $350k. However I...

Could a long term lease could be written as a series of short term leases (less than 30 days), and thus qualify income from the rental as "Active" and thus allow the tax filer to file as a "real estate professional"?

I'm thinking about selling a property I currently own to my adult stepchild (would trust with my life). I am planning to quitdeed claim the property to the stepchild (gift the stepchild closing costs needed to buy it...

At what point is it determined, in the eyes of the IRS, how to tax a flip? For example, if we buy a property with or without the intent of renting it out, and after rehab we place a tenant in the unit, can we sell it ...