Jennifer Porterfield
PA tax on Sheriff Sale and Funds for Pmt
Looking to buy at Sheriff's Sale in Lancaster county PA (for the first time). Found a property I'm interested in... have done title search etc. I have a few questions regarding this..."All applicable realty transfer ...
Rawn Wilson
Depriciation Recapture and Long Term Gaines Calculations
I bought a house in 2003 and lived there 3 years. When I deployed to Iraq in 2006, I rented it out and have been renting ever since. I was new to real estate and did not depreciate it until recently (maybe past 4 ye...
Ernest Rogers
Sale of Rental after 27.5 Depreciation
I have a home used as a Rent to Own. Yhe renter now wanys to try and buy the home. On my taxes, i have claimed the rental payments as income, and also depreciated the 27.5 years for the past 2 years. This may be the 3...
Berridge Thomas
Consolidating IRA funds
Hello all! I am in the process of searching for a rental property and am getting my finances in order to be able to make cash offers. I have an IRA account from an old job. I no longer contribute to the account, so it...
Charlie Moore
Are Most CPA’s educated on RE TAX LAWS!?
Looking to understand all my tax responsibilities when I complete 3 FLIPS this upcoming year. 2020 year. Someone link me... or drop a name thanks
Horacio Gutierrez
First position and second position to foreclosure
Hello,Say there is a first note and second note on a home if they buyer gets foreclosure by the first position what happens to second position loan does he get paid by the loaner in the first position if there is equi...
Mayur Gaitonde
Tax deduction on syndication investment forclosure
Hello I am new here and looking for advice. Couple of the syndication deals I had invested in passively and have been foreclosed on by the lender. I have lost 100% of the investment amount. I was wondering if there a...
G F
Taxes and Foreclosures? HELP!!
Hi all,
I am hoping someone can help me understand something regarding foreclosures. About a year ago, my sister and brother in-law just walked away from their house on Long Island, NY (Suffolk County). They, like ...
Evan Loader
Offsetting passive gain on K-1 with passive losses from other K-1
My CPA firm is preparing my 2021 taxes, this is my 2nd year using them and I haven't had any notable issues until now. I invest significantly in syndication deals so I have a handful of K-1s from multiple states. I ge...
Mike Shahi
New construction/capital gains/death of parent- need tax advice
Hope all is well. My parents own a home in MD and owe about 500k on it. As is, the home can sell for 1.1/1.2. The home was purchased in 2008 for 700k. Mom passed away last year unexpectedly. Now, Dad and I are trying ...