Todd Plambeck
Taxes on Flip in Partnership
A friend and I own 7 rental properties. I've done 5 flips in the past on my own. Last year we did a flip on a house through the partnership and I'm confused about the taxes. Round numbers for sake of example:Purcha...
Julio Gonzalez
Tax Planning Considerations with the New Bonus Depreciation
As I’m sure many of you are aware of, bonus depreciation began its phase-out this year. Bonus depreciation has been a key element in the tax planning strategies for many businesses which allowed for a large portion of...
Anthony Freeman
Ending W-2 income
$10,000 seems to be a good amount of rental income (monthly) before quitting your W-2 job.
Phil Baker
Mortgage interest write off on investment property
I’ve been struggling to get the right answer in writing off investment property interest. I thought investment property mortgage interest was tax deductible. My tax guy is telling me it is not. Does anyone have any in...
Garrett Ott
Acquiring capital for second property
Hello BP! I’ll cut right to it. Im trying to walk myself through the BRRRR method while using an FHA (203k most likely) to fund my first property. Once that’s done, and I refi, how will I be able to pull out enough $$...
Mindy Nicol
St Augustine - 2 home renovation, STR and upcoming flip
Investment Info:
Small multi-family (2-4 units) fix & flip investment.
Purchase price: $230,000
Cash invested: $150,000
Historic bungalow on .5 acre with detached tiny house. Both rented at the ...
Thomas Bullock
Things to look for in a real estate geared CPA
I'm looking for a new CPA this year to help utilize tax advantages. I own one multi-family real estate property so there isn't too much required but I would still like to start building a relationship with a solid CPA...
Victoria Stone
Can repairs be deducted frm income if done when I'm living there
My accountant tells me that yes, if I have repairs like windows and fixtures fixed when I'm still occupying the house, I can deduct these. Is this true? She says as long as I move out fairly quickly after that it's ...
Katy Fry
CPA and Attorney - Which State?
Hi, I live in North Idaho but will be investing just over the state line into Washington due to affordability. Doesn't mean I'll never invest in Idaho but at this time, this is what it's looking like.I would apprec...
Hattie Dizmond
Advice for newbies
You know, I really hate to have to start off a post with a disclaimer that I'm not trying to offend anyone, but I'm really not trying to offend anyone. However...If you want to be taken seriously and treated like a p...