All Forum Posts by: Stephen Chittenden
Stephen Chittenden has started 14 posts and replied 304 times.
Post: No more Lowe's Gift Card Loophole/Discounts

- Rental Property Investor
- Gambrills, MD
- Posts 372
- Votes 88
@Tariq B. Given that Lowe's is still selling e-gift cards on their website, and the FAQ says gift cards can be used at any Lowe's store, I would go back and raise holy hell until they took it.
Post: Portfolio Loan ..... And the " Normal " stipulations that

- Rental Property Investor
- Gambrills, MD
- Posts 372
- Votes 88
Post: Tax Question: 2 Partnership returns? Can you split a 1099?

- Rental Property Investor
- Gambrills, MD
- Posts 372
- Votes 88
You need an accountant. You cannot split the 1099 as you propose, but there are ways to deal with this. A good accountant can help you. I can't recommend that you try to do this on your own, as the way you have started your business have made this more complicated than you can probably handle on your own.
Post: $250K Home sales tax exemption

- Rental Property Investor
- Gambrills, MD
- Posts 372
- Votes 88
Originally posted by @Jason Shim:
2) I heard the max exclusion is $500K per house. if this is true, I plan to sell the house to my brother now and let them sell the house again in 2-3 years.
I have a loss carry forward of $200K from my previous business dealings. if I sell my house in 2016 and gain $500K, will I have to apply the $200K loss carry forward to offset the $500K first, meaning I will not enjoy the full $500K exclusion? or can I exclude the $500K first, then apply any further gain/my income towards the loss carry forward?
Thank for the advice
One more thing... you should look at CCA 201428008. I don't think it answers your question though, because it focuses on a slightly different question.
Post: $250K Home sales tax exemption

- Rental Property Investor
- Gambrills, MD
- Posts 372
- Votes 88
@Jason Shim Also, you should look into this case, which is binding precedent in California.
http://cdn.ca9.uscourts.gov/datastore/opinions/2015/08/07/12-73257.pdf
Post: $250K Home sales tax exemption

- Rental Property Investor
- Gambrills, MD
- Posts 372
- Votes 88
Post: Do I Need to Issue MISC-1099s?

- Rental Property Investor
- Gambrills, MD
- Posts 372
- Votes 88
Post: Will a cash-out refi business model work?

- Rental Property Investor
- Gambrills, MD
- Posts 372
- Votes 88
Post: Do I Need to Issue MISC-1099s?

- Rental Property Investor
- Gambrills, MD
- Posts 372
- Votes 88
Post: how much do you pay realtors?

- Rental Property Investor
- Gambrills, MD
- Posts 372
- Votes 88