All Forum Posts by: Yas Tahir

I have a technical question for tax purposes. We purchased a REO house and settlement date was Feb 13, 2019 but disbursement date is Feb 14, 2019. Somehow WD deed signed on Feb 8, 2019 and recorded Feb 15, 2019. So when should be the earliest sale date for it to be considered long term capital gain, Feb 14, 2020 or Feb 15, 2020? Thanks for your answers.

It was meant to be a rental and due to some circumstances reno finished very late and we just decided to sell.

I have a technical question for tax purposes. We purchased a REO house and settlement date was Feb 13, 2019 but disbursement date is Feb 14, 2019. Somehow WD deed signed on Feb 8, 2019 and recorded Feb 15, 2019. So when should be the earliest sale date for it to be considered long term capital gain, Feb 14, 2020 or Feb 15, 2020? Thanks for your answers.

Thanks for your replies. We have the writ of possession already after a lengthy legal battle b/c she kept on appealing. My question is that do we need to bring a professional locksmith and movers once we get the green light from Constable ? Also, I understand we have to move her furniture outside, but if she does not collect them, then what do we do? 

Hi,

Has anyone gone tru writ of possession by sheriff after an eviction judgement in Texas to remove an occupant after a REO sale? I would like to find out your experiences and what to expect. Thanks

Yes we used them a few times and it is slow, very hard to reach someone when you need to. The last closing was very problematic and they did not provide any help at all and they were not very honest either.  We decided not to use them again and just use regular local title house from now on.

I am looking for a local CPA who has experience in real estate. I prefer a local CPA in Houston, southeast Houston area. Please PM me. Thank you.

LLCs are pass trough entity.  No S corp election was made.

He said rental income from property under my personal name is not subject to SE tax, but other properties all under LLC with pass tru entity selection are subject to SE tax. This is only for rental income, not flips. I have asked him again and waiting for his answer.

Yes, he said the company is pas tru entity and therefore have to pay SE tax. He suggested we file it to be C or S Corp Jan 2018 to avoid paying SE tax. I hope this is correct?