Drew Phillips
New Investor as a Contractor
Hi all!Short backstory; I’m a licensed builder in MI and have been on my own for 1.5 years completing structural restorations, insurance claims (roofs, siding, floods, etc), and about 15 or so bathroom remodels. We ha...
Mark Lawson
How do I finance this?
Ok, I need some help on figuring out how to finance this deal. This is an odd situation and I will try to explain this as best as possible. My self and a business partner invested in a business and the property which ...
Roman McIntosh
LLC classified as Partnership by IRS
When I apply for an EIN for my mulit-member LLC the IRS classifies it as a partnership by default. It says their are addition forms you can fill out if you don't want it to be classified that way. My wife and I are...
James Syed
Late Fee & NSF Fee Collection
Hello BP Members,One of my properties is in Saint Clair County Illinois. As per state law, landlords are unable to include late fee, nsf fee or any other fee, but the rent only on a 5 day notice, otherwise Judge will ...
Cameron Chesney
LLC filings for a real estate company??
Hello all! I set up an LLC for my real estate investment company a year ago. Last year I filed personal losses (most just the cost of the marketing and LLC set up fees). It seemed pretty simple. However, this year I u...
Frank W Lentine
LLC report tax on Sch C or Sch E
New Pro member in Phoenix, AZ. Just filed personal tax return for 2017. LLC holding our first 4 plex was filed a while back. I was surprised to find that depreciation was not deductible and loss was not reported as...
Dace Hueftle
Ohio Tax Filing - Business or Personal?
I'm hoping to get a clarification on filing taxes this year. Background:1. Multi-member LLC created in Colorado2. Property the LLC owns is located in Dayton OH3. We are registered as a foreign (non Ohio) LLC in Oh...
Bethany Wilk
Personal address and tenant tax filing
Hello! My tenants are asking for my personal address for their taxes...I have only 1 property and am very new to being a landlard. They started renting in July 2023. Am I required to give them my address? I have not e...
Thomas Loyola
How to split home after a cash out refi with girlfriend
Hi all, I'm looking for ideas on how to fairly split home ownership after a cash out refinance with my girlfriend. The thing is, she owns the house and doesnt qualify for a refinance without me.
She has about $120k in...
Ray Li
Filing rental income under personal vs LLC?
Hi, in 2018 I moved some of my properties under my personal name to a single member LLC in the middle of the year. Should I be reporting rental income & expenses separately during the two time periods, (before and...