Ephrem Bekere
FHA Property Tax advise
Hello,Around end of August I bought a townhouse type property with an FHA loan (so I live in it too) and started renting out the rooms. (So I live in it too) While filing my tax returns, however, I ran into a few issu...
Lemont Williams
??What do I do ?? New and confused ??
Okay I'm in a situation where me and my girl went into the business together in may 2016 as a LLC taxed as an S-Corp she decided December 2016 that's she no longer wanted to be part of the business and just sent the l...
Joseph M.
Cash basis vs accrual basis at tax time
I currently own a rental property in my name and was paid in advance for rent. I asked my accountant if we could account for it on an accrual basis and he told me that I wouldn't be able to. Can anyone provide some in...
Roman McIntosh
LLC classified as Partnership by IRS
When I apply for an EIN for my mulit-member LLC the IRS classifies it as a partnership by default. It says their are addition forms you can fill out if you don't want it to be classified that way. My wife and I are...
Patrick Thomas Dickinson
Capital gains paid to irs
Quick question, I’m in California and will have a sizable, capital gains tax bill owed to the IRS and the state of California in the near future. my question is how quickly does the capital gains tax liability need to...
Joe Deemer
S corps and ESBT Estate planing question
Okay i have a question but my English isn't really good so please understand.(also please do not make this post about why it does not make sense to hold property in an S corp, i already know why, and this is not the p...
Marysue Connelly
1031 exchange rental properties
Interested is strategies for selling long term rental of 8 years. As our market changes and becomes less landlord more tenant friendly we are looking to sell our long term rental. Does anyone know if selling w/ 1031...
Tim Linford
Rental depreciation recapture and capital gains tax
Doing some tax planning and was I was curious if anyone had insight on this scenario. I am an "Active RE Investor" so I apply all my rental losses to offset my ordinary income as a " RE wholesaler". (hope this is ok...
Shafi Noss
Is Depreciation Worth Anything?
I see a lot of investors get excited about depreciation because property values usually go up, but investors can report they went down on their taxes.I am skeptical this is actually an advantage.For example, commercia...
Wesley Hoover
Tax Strategies for Selling Properties
Is there a tax deduction/protection strategy for a 67 year old to hold a note on a capital gains tax? For instance will the seller pay less in taxes on the income he makes from 3k a month as opposed to a bulk payment ...