Account Closed
Do I need a CPA?
Hi Everyone,I bought my personal residence this year, rented my property on airbnb and finished a flip as well. The flip just hit the market recently but it's not sold yet. I spent about 60,000 on the rehab. Should I ...
Shay Kent
Do we owe capital gains? I disagree with my cpa. advice needed, thanks!
We lived in our primary home for 3 of the last 5 years. We rented it out for a year and then sold it. Do we owe capitals gains on it?Our CPA says that as soon as we rented it out it became a business and we have to pa...
John Alosio
Depreciation Recapture with low capital gain.
Hello BP family.I'm here today with a tax question relating to the sale of a rental property.I have a property under contract right now, my sale price is right around my cost basis.For depreciation recapture, I unders...
Chad Clanton
Flipping a home after living there for one year...legal/tax questions
Hello again everyone, and thanks in advance for putting up with all the newb questions! My wife and I moved into a 2007-built home in a newish (post-2000) subdivision about this time last year with the intent of stayi...
Andrew Lisi
Using IRA for Down Payment? Good idea?
We are looking to purchase our 1st investment property. As I'm learning more, I want it to be a 2-4 unit multifamily home that we would "house hack." We don't have enough savings for a down payment in Chicago (city pr...
Kyle Stratton
Title Insurance on Tax Sale property
I acquired a house by a Sheriff's Deed at a tax sale for unpaid taxes here in Texas. It was not a homestead, which limits the redemption period to 6 months. As a homestead in Texas it is 24 month redemption period.Q...
Morgan Vien
I live in CA and am buying a rental property in OR. Advice on LLC + Taxes
I live in California and am buying a rental property in Oregon. I need to know if I should start an LLC for this property in Oregon or in California? How do I navigate taxes on this property between the two states, I ...
Mitchell Litam
Is BRRRR a risky strategy for first time buyers?
Hello BP Family!After listening to multiple podcasts and reading books it seems like the BRRRR method is well received and makes so much sense because it allows your money to go further.My question is it tougher to do...
Dominick Johnson
Using Retirement Funds for REI Success Stories
Is anyone using a Solo 401k or other retirement vehicle to purchase REI? Let’s hear your success stories and advice.
Brett Goldsmith
1st DOT Note Purchase / Foreclosure / IRS tax Liens
Hey BP!I'm in the process of buying a 1st DOT on a property that has fire damage. The property is riddled with multiple liens and has 75,000 in back due property taxes. It also has some government tax liens ( IRS ) in...