Tax, Legal Issues, Contracts, Self-Directed IRA
137K Posts | 20K Discussions
Tax Question: Real estate Prof.? Prop Mngr.w/ One rental property
Hey!!  We are planning on hiring a tax professional to really sort this out, but we're just curious how this whole thing works. We just discovered the real estate professional tax break and we are wondering how this... View more
Looking for CPA recommendations
Hello, I am beginning my real estate investment venture soon starting in the Chicago area and would like to talk to a CPA. Please recommend to me some very good CPAs. Thank you!
Legal advice for wholesale
If my LLC is registered in NY (NY requires attorney at signing), do I still need an attorney when signing a contract for a NJ property
Tax laws on Rehab Property
Hi all! During 2020 I was rehabbing a property. Had many challenges with delays, covid etc.. expenses really high and property is only ready for sale this week. My question is, am I allowed to claim the expenses ( the... View more
How to transfer RE into Roth
Hi guys, I might be confusing something...But if I understood correctly, it is possible to transfer from IRa that contains real estate into Roth that will contain real estate?Is that true? Or I misunderstood? What kind... View more
Creating an LLC for a Foreign Airbnb Property
Hello all! Hope some of you can clear up a few questions I have. Here it goes: My father owns a vacation home in Ireland that sits unoccupied for 345 days a year. I am proposing to him that he let me Airbnb out the... View more
Tax filing k-1 costs
My business partner and I received a bill for $3,000 through our CPA for filing k-1s on three properties in 2019. I wanted to get a second opinion on the bill before using them again on our 2020 returns. Does this... View more
Out of State Investors with LLC's
I am an out of state investor (live in CA) and currently invest in two different states (outside of CA). I created a Wyoming LLC and would love your thoughts on the following: - Do I need to foreign file in each of the... View more
File 1099R for solo 401k in plan roth conversion?
Hey guys,I just opened a solo 401k last year and did an in-plan Roth conversion. I am trying to file a 1099R using tax1099.com for the roth conversion and have a couple questions.1. Should the payer be my Company or my... View more
How to split cost seg between partners?
I’m adding another forum question to my string of cost seg questions.  I’m partnering up on a purchase. My spouse meets real estate professional status. The real estate partner does not meet status and will not qualify... View more
Looking for a legal referral in Austin
Hello BP, I am looking for an attorney referral who has experience with both corporate law and real estate, even bigger plus if they have tech experience. Thank you in advance, Ryan
Using a holdings company to own multiple investment property LLCs
I own investment properties in Ohio. Each property is under its own LLC and bank account. My question is, does it make sense to setup another LLC as a holdings company (parent company) which will then own the other... View more
Two duplexes, two tax parcels, one sale. Cant get refinancing
Hey BP- First post after getting into real estate about a year ago- I would really appreciate some insight on this situation- In Jan 2020 I closed on 2 duplexes on two separate parcels in Lakewood Washington with an... View more
Landlord Making Improvements in Common Area
We have a rooming house in Massachusetts. There was a common area with a sink. I removed the sink to extend our office into the common area. There was under construction sign posted. There was a bathroom sink available... View more
Tax free income off STR?
If I live in my second home for more than 14 days out of the year (second home), what does this mean for all other income I received for STR for the year? How is this income taxed? Thank you
Tax questions (primary residence to become a rental)
Hello all, New to Bigger Pockets. What a great resource , I guess I’m getting to be a little old school. Just started listening to podcasts again and it’s been very motivating.  So my question today ......,Later this... View more
Capital gains on second investment property?
Hi everyone,If I had a second residence that was used as investment property for STR , and when I sell, how are the capital gains taxed? Is it similar to primary residence where only above 250k$ capital gains are taxed... View more
Capital gains offset through real estate and cost segregation
There's the potential of having a relatively large capital gains tax through my crypto investing as I take profits this year, which is taxed the same as stock. I'm curious if there's the potential to instead use the... View more
LLC recommended for House Hacking?
Hello I recently bought a house hack and have two housemates moving in at the end of the month. I was considering getting an LLC for signing the contracts/property management. Is this recommended, or should I just get... View more
looking for a CPA with focus on Real estate
Hello, we're looking for recommendations on a CPA that is focused on Real estate taxation and familiar with Texas & Arkansas laws where our rentals are. We have a CPA currently but not too fond of him and looking... View more
WANTED: RE-friendly Accountant. Recommendations Please.
I was recently on the phone with my CPA. When he found out I was on the cusp of purchasing my first investment property he flipped out. Have you ever seen an introverted, analytic-type personality get emotional? It was... View more