Account Closed
Need Quickbooks Help
Hello BP World.I currently have a Bachelors degree and a MBA so I understand basic accounting ( although sometimes I have to google a few things as I am a little rusty lol) but I need some help on Quickbooks.At this p...
Tom K.
Can one write off truck purchase? (Tax)
Hello all, last time I met with my accountant, she mentioned if I buy a truck (currently own a small car) that I could write it off as a real estate expense as that is what I will be using it for often. Is this accu...
Zachary Brown
$20k Water Bill Balance on Rental I am Selling - Who is Liable?
Getting ready to sell a rental when I saw the most recent water bill balance was $20,000. Turns out, the (month to month) tenant was out 5 months ago before a pipe burst and the city turned it off. During this time my...
Brett Loetz
Will I pay ordinary income or long term capital gains?
We are selling a property we have purchased in Nov. 2018, and are scheduled to close on May 8th.We did a rehab on it, used the brrrr strategy and rented it out from June to January to a short term insurance deal that ...
Karl Kauper
When Can RE losses not be taken against ordinary W2 income?
My accountant stated, “The losses incurred on the rental properties cannot be taken and will be carried forward as your income exceeds $150k, thus no losses can be taken against your ordinary W2 income.”I was really s...
Robert P.
Investment Margin
I'm looking at a place that will bring in ~950/month after mortgage, taxes, PMI, home insurance and water/sewage.Fully occupied with long term tenants, and no major outstanding maintenance that needs to be done. Would...
Shae Langley
When to get an LLC?! Or No LLC?
Is there a general rule of thumb on when to create an LLC?I'm in California and know LLC's are expensive. But is there a cut off when you reach $xxx amount of income from your investment properties is when you should...
Nathan Buck
Offer accepted on first STR… Now what?
After years of analysis paralysis and watching from the sidelines, we finally had an offer accepted on our first STR property in the mountains of Vermont. Now what? We have a little bit of time before closing, assumi...
Account Closed
Self Directed IRA
What is the best way to utilize a self directed IRA to purchase and flip homes?I have a client that asked me this question tonight and I was stumped. Please help!
Michael Dubiel
Should we form a 50/50 partnership?
Hi name is Mike, I am new to the investing world and BiggerPockets. I have a question about starting a partnership. So first, just a quick rundown of our situation. I live in Cleveland and I am partnering with my b...