Tax, Legal Issues, Contracts, Self-Directed IRA
137K Posts | 20K Discussions
How 0% capital gain rate actually works
"For the first $40,000 of your income, the capital gain tax rate is 0%! You pay nothing!" Fantastic, but what does it actually mean? If I have no job and sell a property for $100,000 - does it mean I pay nothing for... View more
Can I lend from a SDIRA to an LLC I have a minority stake in?
I'm a passive partner, 30% stakeholder, in an LLC where we buy and hold rentals. I'd like to create a SDIRA or SOLO401K and loan the LLC money at fair market rate.Since I’m not a majority stakeholder, I don’t believe... View more
Quickbooks BRRR Questions
Hello BP Friends!Last year was my first year doing the BRRR model but our deals weren't refinanced and won't be until 2021.Our model was to find private money to fund 100% of the purchase, rehab, closing costs,... View more
Can I loan my LLC money from my IRA?
If I have a self-directed IRA, can I loan a LLC money to fund a fix and flip? I am a 30% shareholder and I was reading that because of my equity percentage, my LLC is a qualified person/entity for this transaction.
CPA vs. RE Accountant vs. RE Attorney for Tax Planning???
Hello BP World!When it comes to handling Real Estate tax, I consistently hear 3 different titles of tax professionals/specialists thrown around: RE Accountants, CPAs that specialize in RE, and RE Attorneys. I'm looking... View more
Where to credit seller paid closing costs (I'm the purchaser)
Okay, I bought a new rental property and had the seller pay 2% of closing costs (max allowed by my lender). Under the new Closing Disclosure form (no longer the HUD form), it shows nothing specifically paid by the... View more
House Hack Deductions
I am house hacking a triplex and the unit I moved needed to be fixed up (new subfloor, new flooring, replaced kitchen sink, bathroom sink and toilet, wall repairs, painting, and multiple dump runs).  Am I able to... View more
Legal and asset protection for California residents
After reading couple of books and many articles i got the feeling that living in California and doing investment is not legally well protected Long story short I’m looking for a good way to protect my future assets and... View more
Renting a room in my house: deductions and offsetting income
I have bought a house. I rent 3 rooms out of 4 (I am resident there and I live in the 4th room). I read all the IRS Publication 527 (Residential Rental Property) but I am still confused since I don't see my exact case.... View more
1099-NEC due February 1st (replaces 1099-MISC)
NEW form 1099-NEC replaced 1099-MISC for contract labor THE DEADLINE IS FEBRUARY 1st! When, where and how? The short answer is: obtain form 1099-NEC, fill it out, and mail “copy A” of that form to the IRS and to the... View more
Realtor asked for advance on commission. Ethical violation?
Hi BP! My realtor in PA begged me to advance her several thousand dollars in cash before closing on a portfolio of properties in order to pay her personal bills. Due to some complications in closing, we only ended up... View more
1098 In Individual Partners
I have an LLC with four partners. We've buying properties in one partner's name and then quit claiming the deed to the LLC after purchase. However, the 1098 is still being sent in the partner's name who bought the... View more
Ask me (a CPA) anything about taxes relating to real estate
Hey, guys!I've been on BP for about 7 months now and I have quickly learned two things:There is no better place than BP to talk real estateThe wealth of information on BP is immeasurableI've read and learned quite a... View more
JV Operating Agreement Help
Hi all! Does anyone have a JV agreement used in IL they can share? Or a standard OA for a JV? I am looking at options and also trying to create my own but would like a comparison and/or use a better option. I do have a... View more
I'm looking for a CPA and would like to know what to look for
Outside of the obvious that they must understand rental property and LLC, I'm not sure if there is other criteria I should be validating. My situation is that I'm fairly new to rental properties, they're all in AZ... View more
Cash out Refinance property held in land trust possible?
is anyone familiar with refinancing a property that is held in a land trust? i have heard this is next to impossible to do. are there any banks that will work with you? should the trust be set up in any specific way?
Solo 401(k) for Real Estate Purchases
I am curious to see what everyone thinks about using a solo 401(k) to fund future deals? Right now I have one rental property and one residence. I am looking at using a solo 401(k) to invest into for tax savings - and... View more
Best Business Tax Software for Mac?
Hi all!Looking to file taxes for a small and simple member managed LLC (2 total members), and was looking for some advice. I use Macs exclusively, and nearly all of the big name tax softwares that I'm finding... View more
Refinancing from personal loan into business portfolio loan
If you have a property (<4 units) that is under a personal conventional loan, but was quick deeded to a LLC (with two owners) at closing, what options are available when refinancing? Can you refinance the loan from... View more
House-Hacking taxes for repairs & upgrades (occupied side)
Hey Y'all!Situation: owner occcupied house hacked duplex we live on 1 side a tenant on the other.  As I wait for my consult date with a CPA, I am getting my Stessa in order. A lot of repairs and upgrades were done to... View more
CPA Recommendations in the Bay County Area (Michigan)
Does anyone in the Saginaw, Bay City, Midland (Michigan) areas have any recommendations for a CPA who knows real estate investing? I usually do my own taxes, but this time I have an LLC and it's become much too... View more
Early distributions from retirement plans related to COVID-19 tax
Any thoughts if the tax exemption for early withdrawal that ended in 2020 will be extended?  I will be 59.5 in five months, but I could use some money from my IRA before then. The 20% tax for early withdrawal is too... View more