All Forum Posts by: Account Closed

That makes no sense. The whole point of a land trust is to protect property notes, mortgages, and real estate, under the land trust. They're revocable trusts (meaning that the trust can be changed) during the lifetime of the property manager(s).

Just like any trust, it contains three parts; a trustee, grantor, and beneficiary(s). The grantor is who creates trust, the beneficiary is the holders of the trust and the trustee is the managers.

so how much does it cost to set up a off shore account?

Is it possible to set up a federal tax free trust? 

Hello Biggerpockets! 

I've done a little bit of research into looking into the ADA Disabilities act. Are there services that offer help for accommodating the tenant's needs? She's physically disabled and needs a ramp built immediately.

Im located in Wisconsin; Thank you in advance!

I'm looking for some legal advice on creating an LLC. The Puerto Rico LLC idea seems interesting, but how would you structure it?

FHA has to be primary residence? What other loans are available at the 95% LTV?

Is it possible to not live on the property for a year? Wouldn't you just simply refinance the loan into a convetional Frannie/Freddie? 

https://www.marketwatch.com/st...

The pre-election Biden tax plan would raise the top individual federal income rate on ordinary income and net short-term capital gains back to 39.6%, the top rate that was in effect before the Tax Cuts and Jobs Act (TCJA) lowered it to 37% for 2018-2025. Biden also said he would generally raise taxes on folks with incomes above $400,000 without supplying specifics.

Biden has said he would limit the tax benefit of itemized deductions to 28% for upper-income individuals. In other words, each dollar of allowable itemized deductions could not lower your federal income tax bill by more than 28 cents, even if you are in the proposed 39.6% maximum tax bracket.

For upper-income individuals, Biden would reinstate the pre-TCJA rule that reduces total allowable itemized deductions above the applicable income threshold. Allowable deductions are reduced by 3 cents for every dollar of income above the threshold.

Biden would eliminate the TCJA’s $10,000 cap on itemized deductions for state and local taxes.

The Biden tax plan would: (1) eliminate the $25,000 exemption from the passive loss rules for rental real estate losses incurred by middle-income individuals, (2) eliminate Section 1031 like-kind exchanges that allow deferral of capital gains taxes on swaps of appreciated real property, (3) eliminate rules that allow faster depreciation write-offs for certain real property, and (4) eliminate qualified business income (QBI) deductions for profitable rental real estate activities.

wow... thank you Bill and Dave for adding valuable 1031 exchange dialect to the community of bigger pockets and I hope others have found this helpful! I cant WAIT to get the ball rolling here! shooting for the stars this year

I plan on doing the same here! As long as if you have sufficient funds to cover the loan for the several months you will be renovating the project. Typically lenders require you to have at least 3-6 months of reserves. If you are doing bids generally takes 6 months without bids you can do it in 3 months. First time flippers might take longer to find the best reliable contractors