Finance Tax questions
Hi BP Family,
Couple questions to get my head wrapped straight.
1. I intend to purchase a property using an LLC so I would have to collect funds and put them into that LLC.
2. I have funds from real estate activities/rental homes and want to do a down payment on another property. How do I do this? LLC A put funds into LLC B? LLC A pays me and then I put funds into LLC B?
3. If LLC A purchases a property or makes a down payment, is that amount deductable to LLC?
4. We use the CAPEX 5%, maintenance 5%, Vacancy 5%. At year end, when the CAPEX/Maintenance accounts are not used, are they added back to profit to be taxed as profit or can they be set aside in another account?