Lisa Martin
Tax Question- tax bill for seller
Asking for a friend! ;-) Seller inherited paid off 8 unit apartment building in Southern CA when his mother passed away last year. He wants to sell and likely won't 1031 exchange as he just wants to the cash. I re...
Don Darnell
Adding Capitalize Carrying Costs text to 1040X cost $2000…
Hi, I own an unimproved lot and capitalize HOA fees and property taxes every year to increase the property basis by amending my taxes and adding something like the following “magic” text as required by the IRS:
“For ...
Gabriel Mortensen
“Gifted” Property in Seattle
New to real estate investing through unexpected scenario. Looking for guidance on how I should approach this from my specific situation. Here is the current situation.
1. Father in law has a home in Seattle worth...
Aaron Smith
Cash out refinance
I was wondering how cash out refinances work in relation to 1031 exchanges.In the 1031 exchange, you have 45 days to select 3 different options for the next property to buy. But as far as I can see, a cash out refina...
Willie Holdman
What are the rules in paying no capitol gains tax for income below 41,675?
In 2022 I sold my home I lived in for over 2 years. I used half the home for business. I took the 250,000 deduction, and used the remaining profits on the home to do a 1031 exchange. I overlooked that I still owed a m...
Raffaello Cervera
Haven’t filed taxes in 2 years :(
I’ve never seen this been asked on BP and sadly it applies to me so now I’m asking it. I’m trying to buy a house hack in Miami FL, I’ve found the deal and I have about $20k saved up to do the deal my only problem is I...
Kaushik Sarkar
Primary residence sale within 2 years
Hi,I am a single family home investor, however we are looking to sell our primary home in Chicago and moving to Dallas this summer.We have bought the Chicago home in Nov'22. Would I owe tax on the profit I make on the...
Eli Morris
Trying To Help A Seller With An Upside down Mortgage
Hello! I was talking to a seller about possibly purchasing his property. He said he's ready to sell but he owes about $100K in taxes. Can anyone give some guidance on how I may be able to help and purchase the property?
Mike Bicho
Foreclosure question
If bank is primary lender on a mortgage and forecloses and property also has a second line of credit securing the property as second in line, do those secondary obligations attach to the buyer of the property at a for...
Victor Williams
How liens apply at auctions an other information about liens.
Hi everyone. I was wondering if there are any good books to navigate the world of liens and how they work( mortgage, tax, child support, builder, etc) . For instance if a person owes a mortgage on a property and it go...