Special Assessment on Condo Converted from 2nd Home to Rental
So an interesting tax situation here with a second home converted to a rental, and I can’t seem to find the same question in the forums (a first!).I have a condo that was previously a second home. - February I became... View more
Finding issue on the closing day
On the day of closing ( today ) final walk through, my investor friend found that the property he is going to close got minor water leakage in the kitchen. My friend has asked the seller to fix the issue, and sent an... View more
I love Paying taxes!
I love paying taxes because it means, despite my best efforts, I made money in the governments eyes.
Despite an advanced graduate degree in taxation, despite a real estate strategist, despite accelerating... View more
Cost Segregation Company Recommendations
Hey everyone. We will be closing on a 42-unit apartment complex with a $2.15M purchase price here in Cincinnati, Ohio within the next month. We are considering having a cost segregation study done to accelerate... View more
Hi BP,Anybody have any recommend closing attorneys in mind that they wouldnt mind reffering me to in the Raleigh/Durahm area of North Carolina Cheers,Aj Neal
IRS tax season starts on February 12th
The IRS announced that they will open the 2021 filing season on February 12th.You can file your tax returns on TurboTax or via one of the many tax preparation services as early as today, however it will NOT be... View more
LLC for multifamily in different state than property location
Hi All! I am currently closing very soon on a Multi-Family in Chicago. The property is under a Florida LLC. I was advised by my accountant that this is ok. I figured it would be with a few other details he noted. But... View more
Need real estate attorney (South Florida)
Can anyone recommend a real estate attorney we are located in Fort Lauderdale Florida.
New York City - CPA recommendations
Looking for the BP community to recommend a CPA whom i could have a sit down or phone call with to, get to the basics of LLC set up, Real Estate investing out-of-state, tax advantages/incentives etc.Note - Im based in... View more
Asset Protection for California Resident w/ Non-CA Property
Hello BP Real Estate Attorneys, Tax Professionals, Attorneys,
What is the best "tax-optimized" asset protection strategy for a California resident who owns several rental properties in Ohio, Florida and Georgia (and... View more
Commercial Real Estate Attorney Michigan
Can anyone recommend a commercial real estate attorney in the state of Michigan? I'm looking to modify a deed among other things.
Need Help With Huge Property Tax Increase
Hello Everyone, need some advice in regards to an issue with my property taxes. I purchased my first house back in May of 2019. The property taxes at the time were under 2K a year. A couple months ago our house was... View more
Using a DBA, filing joint taxes
My husband and I are in the process of closing on our first property in NY, and its a pure rental/investment property with existing tenants (3 unit multifamily).
We are purchasing under our own names, don't plan to... View more
Provision transfer and quit claim to LLC
I am trying to transfer one of my investment properties to an LLC by provision transfer. I am looking for advice on the process and cost. The property is located in philadelphia, PA. Thanks!!
Rental Expenses Incurred Before Property is Rented
We moved from our primary residence 4/25 and spent a few months painting, reflooring, etc before deciding to rent it instead of selling. It was eventually rented on 8/15. Question is - are mortgage interest &... View more
Has anyone use Rental Hero for bookkeeping?
I have been trying to research the least expensive way to keep my records until I build my real estate rentals more. I tried to set up quickbooks online, but without paying $720 a year for the ability to do class... View more
Power of Attorney and Fee - Unsecured Private Funding
I was contacted by a company who wants to collaborate with me to purchase and resell houses - a wholesaler and company who works with lenders to access funds. Two concerns arose. 1. The company is asking for a 15% fee... View more
Has anyone used ProVision CPA Firm? (Tom Wheelright's CPA firm)
Has anyone used ProVision CPA firm? Tom Wheelright is the founder and is also the CPA for Robert Kiyosaki. I am not a client of theirs, but have always been curious on the ROI. It's a steep cost to become a client, but... View more
Market uncertainty and capital gains
My wife have been living in one of our rehabbed homes in SoCal for about 8 months now as our primarily house. The house has about $450k in equity and with how crazy peaked out the market is right now we are thinking... View more
Passive Losses Offsetting Pasive Gains?
Hello All, There is lots of talk on here about Passive Losses and if there are deductible or not and if so, to what amounts. To my understanding, if you are NOT a 'Real Estate Professional' (which I am, but have never... View more
Real Estate CPA Help- Tax strategy - What am I missing?
CPA question. I am going to make up some easy numbers for thought experiment for a tax strategy, in my head for the future, but thinking I am missing something. Business owner (Joe) sales a small business ( not real... View more
Looking for a new tax guy!
I only have one property at the moment and the guy we used for taxes last year was the tax guy in my home town...not a real estate specialist. So after 2 calls with the IRS, he did pay all fees but I am looking for... View more
Real Estate Tax Accountant - Key Attributes
Hi BP Community -I'm starting to build out my real estate team and currently looking for a RE Tax Accountant, however, I am not too familiar with how to distinguish what to look for in them. Are there any guides or... View more
Creating a Trust with a HELOC on a house...
I want some general feedback as I conduct some research for options. How does everyone feel or address the ramifications of putting a 100% owned house in a revocable trust when the house has a new HELOC without a... View more
Self-Directed Solo 401k
I've been self employed for a little over 3 months now and am looking to move my Vanguard 401k funds (formerly 'employer sponsored') into a Solo 401k account so I can use that money to invest in Real Estate. Is this... View more