Cole A.
Tax Deductions on Joint Tenancy Rental-- Title vs. Mortgage
Rentals that are in my name only, Schedule E deductions are pretty straight forward. Here is a more unclear scenario in a family partnership:Rental property investment loan purchased with the mortgage in fathers name....
Joel Cannonball
S-Corp Election Form 2553 for new LLC
I recently formed a new LLC that will be involved in buy/sell, and buy/hold transactions. I read around online that stated I should go ahead and file form 2553 to be taxed as an S-Corp. I called a CPA for advice on it...
Nick Boring
Capital Gains Tax on a Secondary Home
Hello BP and thanks in advance for your help!
From my understanding, secondary homes are not exempt from the capital gains tax, and if you are not renting it out then you cannot do a 1031. However, this client has h...
Martin N.
Need Help! Passive Investor challenges?
I live in the Chicago area and I'm just getting started with a Buy and Hold strategy. My plan was to work closely with a partner located in St. Louis (where I grew up) to begin buying and holding single family homes. ...
Jake Baron
Tax incentives for small multi families
Hello!Two part question: Would somebody mind providing a brief overview of the tax savings of purchasing a 2-4 multi family in the first year of purchase as owner-occupied. For example: If my W2 income is 100k and the...
Corbin Jones
Asking for advice on taxes and accounting on one property.
Hello all,I just closed on my first property (single-family home) in Milwaukee, Wisconsin, and I will be managing the property myself. The tenant has lived there for five years and has been very reliable. The least ap...
Account Closed
Help with setting up company structure to flip properties? LLC?
Hi all,I'm looking to register an official entity to do business through. Should I do an LLC through Legal Zoom? How much should I spend on this?I spoke with a local investor who has given me some advice and he has to...
Jay Maranan
Using Self Directed IRA to purchase rental properties?
Hey everyone,
Can anyone provide any information like pros and cons of using a self directed IRA to purchase real estate? Also, if you have worked with any reputable companies and had good experiences, can you please...
Scott Levin
Owner Financing, Tax minimization / Installment Sale and Recommendations for Services
Hi,I have a house in Denver that I have owned and lived in for the last 27+ of 30 years. I now have a renter in there who may be interested in purchasing the house from me with likely owner financing. My 250K tax bene...
Christopher LHeureux
Cost Segregation - Asking the Right Questions
Been reading a few threads, and there is lots of good advice. Looking to validate my understanding and have a few questions...What I think I know: A cost seg will advance deprecation that will accumulate if not used t...