Eric Cunningham
Seller Tax Liability
Wholesalers,How do you explain to the seller the fed/state tax liability that comes with the sale of their home (assuming it's a second home - not their primary residence)? Since most sellers are hoping for a quick ca...
Dean Hulsing
Any success in getting the Tax bill down PRIOR to closing?
I am interested in purchasing a MFR that has a substantial amount of personal property associated with it. I am in IL and the owner pays for the TAX at the time of closing and I feel that the Taxes are high in compar...
Mark Smith
Should I Kill My 401k?
I've been listening to Set for Life, by @Scott Trench. Great book! One of the things discussed in the book is how a 401k locks up part of your income, and that if you aspire to reach early financial freedom then a 4...
Oleksandr Ivanovskiy
Can you claim home office deduction for 2019 as an investor ?
Spoke with my tax adviser. I was told that I can’t claim home office deduction as an investor.She mentioned that I can only do it if I were a realtor.
Curt Smith
How to file taxes on a sandwich lease option
Hi Guys, I searched BP for tax prep help, didn't find any tax prep helps for a sandwitch lease option.Bought on a lease and option. Zero option fee, lease is the sellers mortgage payment: $798/mo. I pay for fix ups...
Shawn L.
Need some help on what to do with a property
I own a home that has no mortgage and is currently vacant. My wife and I bought it as a foreclosure and we put quite a bit of work into it about 9 years ago. It's in pretty good shape, but it could use a little work (...
Pratish Halady
Will they consider me a resident for CA tax purpose?
Hello,
Apologies but I have a somewhat urgent tax query. We are closing soon on a house in San Francisco, CA. We are US citizens living in the Philippines. I want to ask if we would be considered as residents of CA f...
Andrea Coulter
Tax question for a loss on a rental property
Hi BP community, I am a small investor from upstate NY. I have 5 rental units, 1 a single family home and 2 two family homes that I rent.I am Wondering how the math works when calculating a loss on one rental property...
Mark Weiss
Insight on Avoiding Dealer Status
Hello BP! This is my first post ever even though I've been reading on the site for some time. I can usually find the answers I need in old threads but on this subject I haven't found exactly what I am looking, hence t...
Billy Abildgaard
business structure in MA
for investors in Massachusetts with two or three properties how do you structure things? do you have an S corp for the taxes or something else? I know LLCs are expensive so wondering what others are doing.