All Forum Posts by: Sheena Varghese

@Lauren Robins- Hi Lauren, I apologize but none of those companies seem to either offer the service in FL or currently in business.  Please let me know if you know of any other companies that offer this service.  Thank you so much!

@Lauren Robins- How incredibly helpful!  I so appreciate it! Thank you

@Lauren Robins- that is very helpful, thank you very much!  Do you have any recommendations on any escrow company in the central FL area or can I use my title company?

Would it be more advisable to use an escrow company to manage payments and documentation for a seller-financed transaction, or is it acceptable for the buyer to make payments directly to my entity?  Also, would you advice to have an escrow account?

@Henry Lazerow- thank you for the clarification!

@Basit Siddiqi- yeah, I need to figure out why she said that.  Thank you for your help.

@Ashish Acharya- thank you for your response, that provides clarity.

@Basit Siddiqi- Thank you for your reply.  So just to clarify- I can deduct the cash investment I put into this flip as COGS when I go to sell the property if it takes more than 1 year to flip?  I just want to make sure the COGS total can be deducted in the year the sale is completed.  I was told by my tax person that I can only deduct a percentage and not the total cost of the remodel.

Thank you

Hello,

My current flip will take longer than a year, about 18 months.  Can I still deduct all renovation costs from the profit in regards to paying taxes on the profit.  I have all cash in the property and for renovations, so no loans.  I just want to make sure that I don't end up paying taxes on it like I would if it was a long term property and I sell it without a loan to repay, therefore, it looks like all profits to IRS.  I hope that makes sense.  Thank you

Thank you, it is currently vacant, my husband will be using one of the offices for his business.