All Forum Posts by: Tammy Helble

Quote from @Chris Seveney:

@Tammy Helle

Wow I never knew this- thanks this is great to know

 I found out from another business owner as she's had success in doing this. It's worth the shot. 

I have a judgement against a past tenant for past due rent and court costs. With that expressed, it's my understanding I can file that with the IRS againt any potential tax return they could recieve that I would be paid back first. Does anyone have any expereince with doing this and if so can you please direct me to where to go to make this happen? 

Thanks in advance!

Quote from @Kenny Simpson:

Quote from @Tammy Helble:

I am due to recieve 50k in captial gains from an inheritance this week which falls under my 2022 taxes (that now has to be amended). In talking to my tax lady that 50k throws me into another tax bracket which has me losing all my tax benefits with my real estate investments and I'll be owning the IRS 18k. Does anyone know if there is a way to protect some of that money? 

 22 is tough because it is in the past.  It is hard to give any feedback without looking at all your stuff.  

It's extra tough because I was only given days as my uncle waited until the last minute without any previous notice to how this would go. It's kills me to loose all the hard work I've done managing my properties myself. 

Quote from @Scott E.:

If you're coming to the forums to ask this question after talking with your tax lady, then you need a new tax lady.

 You could think that but it's really that my uncle waited until the last minute and a year later without letting me know how this was going to work. 

Quote from @Scott Wolf:

Quote from @Tammy Helble:

I am due to recieve 50k in captial gains from an inheritance this week which falls under my 2022 taxes (that now has to be amended). In talking to my tax lady that 50k throws me into another tax bracket which has me losing all my tax benefits with my real estate investments and I'll be owning the IRS 18k. Does anyone know if there is a way to protect some of that money? 
The initial there is not when its wrapped up in a living trust. It's that we sat on the house for three years and it's value increased another million so you pay captial gains on the value of the house at death to when you sell the property. Then the issue that my uncle didn't let me know how this would take place and has given me literally days to fiugre it out for 2022 is extra crazy. 

 I thought there was no taxes on inheritance up to a certain point.  Are you sure your tax lady is correct?  

Quote from @Corby Goade:

*Not a CPA-

Are you a real estate pro? Maybe pick up an STR and self manage in order to get REPS? You'd get a theoretical $18k return immediately, so factor that in to your numbers.

Great problem to have, best of luck!

I do self manage my rentals including one short term and with all the hours I do spend on it all I likely still fall short. Great idea though I'll double check if I can do anything in that space. Thanks!

Quote from @Yu Liu:

I dont know many options for 2022, if you said 2023, I would say find a STR or commercial building to buy and do a quick cost seg on it.

2022, you might have to dig in your business expenses and try to qualify more through receipts/statements if you have one 

Thanks! My uncle kind of left me in a jam without much time to find a better way to manage this. 

I am due to recieve 50k in captial gains from an inheritance this week which falls under my 2022 taxes (that now has to be amended). In talking to my tax lady that 50k throws me into another tax bracket which has me losing all my tax benefits with my real estate investments and I'll be owning the IRS 18k. Does anyone know if there is a way to protect some of that money? 

When is your next one? I keep watching for it however can't seem to get rid of all my spam emails fast enough. Looking forward to attending again! Thanks, Tammy

Interesting. Darn, I won't need 50 either otherwise I could look into this one further. It was a podcast where the gal just happened to bring up a way to obtain brand new mobile homes for pennies on the dollar.