All Forum Posts by: Brad Warshaw

@sam If for some reason I hold for over a year can it be cap gains?

@Sam Shueh 

@Michael Plaks no not expecting magical short cuts just asking questions. Thank you for your responses.

@Michael Plaks thank you. Can I do this with any IRS? Also it's my understanding that any money withdrawal from a IRA needs to be replaced within 60 days or it's considered a withdrawal and you have to pay taxes on it with a 10% penalty. How would that work if I need money for a flip that would take more than 60 days?

What would happen if the property you bought at the auction was damaged by a natural event like a hurricane before you got the certificate of title but after you got bill of sale? Damage during the right of redemption and assuming the previous owner did not have insurance.

Thank you. Would I be able to use this money as an investment in a IRA where I can with draw and reinvest with no penalty anytime I choose?

Ordinary income as self employed spying self employment tax? Is there any way around that it could be as high as 45%? Thx

If I did two flips last year can I file both as capital gains or would I be considered a dealer and have to do a sch C? Both were held less than a year. Thanks 

Thank you. The prior owner did not it was vacant for about 10 years before I bought it at the auction.

Thanks for the reply. I am hearing different from my attorney. They damaged my apartment and they are responsible no matter who is the owner. The leaks are active to so this has been going on for a long period of time and is still damaging my unit to this day. 

I bought a condo at the auction where there is tremendous water damage and mold from the condo unit above. I got a plumber in and they confirmed it came from two leaks in the unit above me bathroom. How do I file a claim against their insurance?