Nancy Navarro
Deadline for SCORP Filing Status?
I need to change my tax filing status from an LLC to SCORP. What date is the deadline to do that in December? Someone mentioned it’s sometime in December for the 2019 tax year. Thanks
Dave S.
Bank accounts for tenant deposits
My wife and I are taking over the property management our rental properties from the existing property manager. Our question is about setting up bank accounts. We live in WA state and our personal banker said that if ...
Mark Carbonaro
Holding Tenant Security Deposit in High-Yield Savings Account (NJ)
I've got a great tenant and would like their security deposit to earn them as much interest as possible. The problem I'm encountering is most of the high yield (> 4.00%) savings accounts I've looked into don't seem...
Melody Kushi
Capital From Selling Own Home
Hello BP Community!!My wife and I decided to sell our home and invest whatever profits came out of the deal. In the meantime, I have been binge watching YouTube videos, networking at REI events and attending any semin...
Graham Kuzek
To Claim or Not to Claim Depreciation
Hello all, looking for some advice or recommendation. Also my first BP post so here we go.
July 2020 I bought a townhouse in Fredericksburg, VA for $315k. 20% down payment, 2.75% fixed over 30 years. Do the math a...
Richard Andrade
LLC Cash Out Refi Tax Question
Hello! I have a scenario, I wonder if someone with tax skills can help me figure out. Here's the hypothetical:An LLC with 2 members owns $2 million in fully-paid residential real estate assets. No mortgages. The LLC w...
Ben C.
New Jersey Real Estate Flipping Tax Implications
Hello everyone!I was shocked to learn that the tax implications of flipping property in New Jersey could make it cost prohibitive (eat of most or all of the profit). Are there any New Jersey season investors that coul...
Thomas Cotter
Taking distrubutions from a SDIRA with Real Estate
I have a SDIRA that has 3 property's in it. I am currently 65 yrs old and I am wondering what would be the best tax strategy to remove those 3 property's over say like a 5 yr period. ThxsTom
Alfredo Coria
Tax Deductions: Second Property
Hi All. As many of you, it is that time of the year where taxes are due and I am searching for insight on how I can take deductions for a second rental property. According to my tax person, since our income was over a...
David Vitarelli
Philadelphia Use and Occupancy License
Hello BP! I presently have 3 rental properties in Philadelphia, PA. I purchased my first property 2.5 years ago and the other 2 were purchased just in the last 6 months. I do have a Use and Occupancy licence for my fi...