On 8824, Line 24, Deferred gain amount.  Is this amount the tax I would have owed if I just sold the property and didn't do a 1031 exchange ((ie. capital gain amount + depreciation recapture) - (closing costs and fees...

I did a 1031 last year from rental to rental to defer taxes and to invest in a better location. Based on TurboTax, if I sell, I owe about $40k due to depreciation recapture. Hypothetical: what if I quit claim it to a ...

If someone bought a property today and rented it out, they would declare the income on their taxes. The income would be passive.  There for based on my understanding is someone who collects Social Security Disability ...

Hi everyone!

Bought a property under my name for a buy and hold. Got great interest and now I'm fielding offers.

Bought it for $110K, spent $70k in fixing it. Have 2 offers for $260K.

Now that the flip is a vi...

We are creating an new multi partner LLC for Flipping business(8 partners total, 2 partners will be active). We are looking at doing 2-3 Flips in first year. Is Flipping considered as active or passive like rental ? a...

My aunt and uncle have named me beneficiary in their will. They were going to sell their primary and buy something cheaper. But have since decided to stay where they are. The property is free and clear. Property was l...

Seller texted me letting me know she's excited to close tomorrow at 9am. She saw on the hud statement that they owed 2k in taxes so she went to the office and paid it. She has a receipt that it's paid. Will they just ...

Hey Guys, I was able to receive a tax delinquent list and I'm trying to sort through the information. The accounts have certificates on them with interest rates. Can I do anything with this list? If you have any info ...

Do any Canadians viewing this have any experience creating an LLC in the US and operating it from Canada. I’ve been seeing quite a bit in my research about “double taxation” and trying to see if that is accurate or no...

I have a meeting tomorrow with a lead from one of my yellow letters, sent to an LLC actually. Turns out the guy owns 4 multifamily units, I would be interested in purchasing 3 out of the 4 but I simply do not have the...