Jack B.
Will my rental property sale trigger capital gains in my case?
I take it the answer is a yes because the sale and purchase price difference.I bought the house for 310K.
I can sell it for 400K.
I put 100K down when I bought it.
I recently cash out refinanced it.
After tra...
Stacey Vilardi
How to I avoid paying so much on taxes on my first flip
I have finally gotten my first property under contract and should close the end of the month or by mid Oct. It will take me less then a month, I hope and pray to rehab. The question I have is how to avoid paying the...
Evan Hyde
Taxes on sponsor cash flow
Question for the RE CPA's: If I have a deal where I am the sponsor and invest no equity, while my investors invest 100% of the equity, and we agree to split cash flows (let's say 50/50). Our first cash distribution co...
Matthew Johnson
Where Should my CPA be Located?
Hello BP,I am a new real estate investor living in CA with a property in FL. I have a ton of things going on, and I need to talk with a really good real estate CPA.
Do you recommend I find one in California or Flori...
Kevin Gerace
can I write off flip expenses for a house selling in 2016?
so I asked a question yesterday, but after sleeping on it I think this is the heart of my original question.I flipped a house this year, but it won't sell til next year. Some of the money I used for renovations was al...
Wayne Stevens
Closing Cost, Taxes, Escrow and sellers concession - NY
Hey all,I recently asked the loan officer I'm dealing with for a breakdown of what I'll need for closing cost aside from my down payment. I am doing a FHA loan. This is what he wrote to me and just want to make sure t...
Chris Mason
PSA: Self employed generally now require ONE year of tax returns.
I'd say that over 60% of the time, the "automated underwriting system" (AUS) only calls for one year of tax returns for self employed persons. Not the two years you read about on google search results from 2+ years ag...
Rick Turman
Tax Strategy Guidance For Rentals
I have combed a few forums but have not found a variant for my questions that I am needing help with. I own two duplexes that were purchased in 2019; one in my personal name and one in the business. Both were in ser...
Patrick Britton
Need to reduce closing costs (Chicago purchase)
I have bought a few rentals in the Chicago area and am put off by the considerable closing costs, especially from the title company. I'm looking at something right now and the down payment is $18,000 (20% down) and t...
Account Closed
Incorporating in Canada
I currently own 2 income properties and closing in on a 3rd. Properties are not owned by a corporation and therefore rental income earned and taxed as personal income. It is my understanding that real estate revenue i...