All Forum Posts by: Michael Koncaba

Yes the total assessment section is the amount which they use to determine your tax due. 

Total assessment × tax rate = total tax

A little more complicated than I have dealt with, but if the asset qualifies as a capital asset it would depend on length of time held as to Short term or Long term rates. Income level also will determine tax rates. If not a capital asset the income would be taxed as ordinary.  

Bigger Pockets also published a "Book of tax strategies for savvy real estate investors" (or something like that). It was written by one of the podcast guests written above I believe. 

FYI because its related. It may also be legally required in your state to hold the deposits in a separate bank account. 

In not a lawyer but am almost a CPA pending final certification paperwork. There are plenty of stipulations with the FHA that prohibit something like this. It may trigger a clause in your loan agreement and cause trouble. I would stay away from something like that uless you refinance to a conventional mortgage. Also you want to be very careful to not get too happy making LLCs. There are many arguments for an against it. Brandon Turner talked a little about this in more than one podcast and book. I'm not a lawyer and am fuzzy on many of the legal intricacies so dont take my advice here as gospel.

That being said, if its still your primary residence there wouldn't be any tax benefit. If its a rental it may subject you to more tax than just holding them in your name. 

Interesting question on that! I would also like to know. You certainly would have the working hour requirement down if I'm correct.

Using that rate may be considered alright or it may be a little low and raise a red flag somewhere. Nothing wrong with being a little conservative and using slightly higher rates

My first thought is to say place your assets in a trust, but your spouse still would not have access to your funds until a triggering even occurs. You may want to research rolling over your 401k into a self directed IRA if that's possible. You have more options with the self directed IRA than you would with the 401k, but again I'm not sure it would accomplish your goals and I'm not sure I understand the details of what youre trying to accomplish.

I would draw up a partnership agreement. That way you can set whatever terms you want as long as you both agree. 

Thanks gentlemen. I have heard this advice often. I always wonder what I do not know though and hope to learn more.