All Forum Posts by: Eve W.

Eve W. has started 31 posts and replied 48 times.

My partner and I registered a DBA with the county, and put fund together for business investments, will share the profit/loss 50/50.

How do we claim the taxes on each individual tax return?

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Originally posted by @Brandon Hall:

Eve W. As a wholesaler you would have been classified as a dealer for ax purposes, meaning your houses are inventory and you should have reported your income and expenses on schedule C.

Your schedule C $8k loss should have flowed through to your 1040 and decreased ultimately your taxable income.

You can carry forward your sched C losses of your 1040 income goes negative.

I think you should look at amending your 2013 return.

Thanks Brandon, I use Turbo Tax business, I think it considered $8K loss in my 2013 taxable income when calculated the taxes. And I can see the $8K loss in my Turbo Tax.

However, I don't see the loss being carried over this year, how much could it offset my income? Is there a limit for loss carryover? Does the loss carryover get phrased out with AGI over certain threshold? thanks

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My real estate wholesale business had a loss of over $8K in 2013 and I was/am not a RE professionals regards to IRS terms. I had profit in 2014 for wholesaling of over $15K. Could the 2013 loss be carried over to 2014 and offset some of the gains?

thanks

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I have not been in the real estate business long enough to know whether what he said about the history is correct. What you guys think about his predication?

Btw, the video was posted in 2011, so far everything he said is happening.

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I have not been in the real estate business long enough to know whether what he said about the history is correct. What you guys think about his predication?

Btw, the video was posted in 2011, so far everything he said is happening.

http://youtu.be/nKq1STLI17g

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the seller is out of state landlord, owns the property free and clear. He is tired of managing the property from long distance anymore.

I based 400/mo is 50k 5.5% interest.

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The property is a condo ARV is $58-66K.

Seller is willing to consider owner finance and this is what I offered:

sale price is $50K, no downpayment

monthly payment of $400/mo for 5 year

$36K balloon payment at year 5.

Or sale price $50K

downpay $3000

monthly payment of $400/mo for 5 year

$32K balloon payment at year 5.

My exit strategy is to rent it for 5 years for a cash flow of $300/mo.

Is this deal structure appealing to the seller?

Any suggestions?

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Originally posted by Kristine Marie Poe:

Originally posted by @Dev Horn:

I used to be crystal clear on this. You can't sell to a retail buyer unless you have something FHA or lender ready, so that's where I add value (or my rehab buyers add value). But it's not true in my markets right now. My last two retail buyers had cash and are living in the properties now, having purchased them totally as-is and pretty close to ARV with no repairs. One of them was purchased for $160K and the house didn't have a useable bathroom. 2 offers came in at above asking on that one where the owner occupant buyers were willing to do all the repairs at their expense to make it FHA ready.

Now, there is a serious lack of inventory where I am. Who knows what it would look like if buyers had choices. Then I might be a seller's only option. The mls will sell any property in any condition in some of my farms. My offer to almost any seller will be lower than what they would get if they listed it. They don't know that but I do.

Hi k, how are you able to list on the Mls with the option contract on the property? And once you sold it, how do Yu close? Double close? Assign the option contract? Thanks for the input.

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Thanks.

My rental was gain, my wholesale business was a loss.

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Hi I have rental, operated under LLC. I also do wholesale and the wholesale business is operated under the same LLC.

Do I report both on Schedule C as business or do I separate them, rental in Schedule E, wholesale in Schedule C?

I work full time, but actively participate in rental (I manage) and wholesale at my spare time. Can I use the loss from LLC to offset my income?

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All Forum Posts by: Eve W.

Eve W. has started 31 posts and replied 48 times.

Post: taxes on partnership

Post: Real estate loss in 2013, could it be carried over to 2014?

Post: Real estate loss in 2013, could it be carried over to 2014?

Post: This Real Estate upward trend will last for a decade, do you believe it?

Post: 2011 video on 2014 real estate market, what do you think of his prediction for the rest of the decade?

Post: Is this deal structure appealing to the seller for owner finance?

Post: Is this deal structure appealing to the seller for owner finance?

Post: IVE GOT THE WHOLESALE BLUES

Post: Rental gain on Schedule E, wholesale business on Schedule C?

Post: Rental gain on Schedule E, wholesale business on Schedule C?