Sean Weichel
Investing in CA from NV or other states?
I’m trying to figure out the implications of living in Nevada and investing in California. nV is a no income tax state, with investing in CA would I need to pay CA income tax? What other tax or things would I need to ...
Eric Williams
Cost Seg Assumptions
I'm a new member but I have a CPA and Masters in Accountancy and Master in Taxation.I saw people posting about cost seg decisions and thought I would share some thing I had learned from others1) The cost seg savings m...
Hunter Gibson
Do I need to pay taxes on closing costs
Hi everybody,
I am a new investor and just bought my second home on Dec 1 2023. In the closing costs I received one months rent along with tax rebates for the portion that the seller owned the home. I am not collecti...
Michael McDermott
Potentially in need of an accountant?
I am either looking for someone to either point me in the right direction of an accountant to do my taxes for this year and for the future or to tell me if turbo-tax will suffice for what I need.About me -I own (1) SF...
Dee Jay
Inherited condo, renovate and rent, or sell
I am very grateful and thankful to a parent who recently passed away and left us with an owned condo (no mortgage) . My question is renovate and rent, or sell. Not a real estate professional for tax purposes, but cu...
Matthew W.
Can i bury/offet my capital gains in a rental unit upgrade?
If I were to make a renovation on my rental does that cost count 1:1 against my capital gains?
Account Closed
How to avoid capital gains
We are selling a primary residence which was a rental for the last year. Since we lived in it for 2-yrs within the last 5, we qualify for the $500k capital gains exclusion. However our profit will exceed that by $150k...
Adrian Mahdian
RAL / ALF Syndication in California
Here are the current numbers I have on hand:10m$ purchase price62 beds800 000$ down payment (on our side as investors)Revenue: 40 beds occupied currently, bringing in $3 000 000 a yearAfter the debt service and all co...
Elisabeth Cooke
Section 179 and SUV
Hello BP forum and thanks in advance for your expertise and insight into our question.We have 2 rental properties, one of which is undergoing renovations with my wife as the project manager. We spend about 20 hrs/week...
Craig Fitzsimmons
Writing Off Up-Front Costs
Hi All,
I am set to close on my third property later this week (all this year) and want to make sure I'm organizing all paperwork for tax write-off purposes. What "up front" costs can I write off? Appraisal, inspec...