All Forum Posts by: Zachary Bohn

@Anthony Warren Ohio will tax you and as others have said you will need to worry about city taxes with Ohio. Ohio has a small business deduction that may prevent you from paying tax at the state level.

@Nick Macklin You could buy the desktop version of Quickbooks and create separate company files for each activity. 

@Nick Macklin you could look at using classes with QBO and then you would have the income and expenses broken down by activity and keep your bookkeeping in one QBO. Is your sales agent stuff just a schedule C then?

@Daniel Dietz that is correct

@Nick Macklin what kind of entities are they? There are some ways to use QBO for multiple entities but it really depends on the entities

@Robert Goldman If you refinance then you also have to trace the funds. So interest on the original balance of the loan will still be deductible, but the deductibility of the interest will for the cash taken out will depend on the used of the funds. As others have said refinancing does not effect basis at all

@Mark Page unfortunately if you liquidate the 401K you'll owe tax on that and you may have an additional issue with the loan balance. You'll be hit with the penalties as well. You're only other option is rolling it into a self directed IRA and using that to invest in real estate but there are drawbacks to that as well, and you'll still owe tax on your 401k loan balance

@Terry Royce commerical properties are properties that are not residential rentals. So multi-family properties are still considered residential. 

@Brendan Scully I believe there may be an exception that related party sales aren't available for the exclusion 

@Jim Dahle 

• If a composite state return is filed then generally the income allocated to each partner in that state is taxed at the highest rate or some other set rate. This allows the convenience of not needing to file a state return for investors who otherwise wouldn't have income in that state.
• If a composite return isn't filed then the investor has to file a return and pay nonresident tax in states that they aren't residents of. 
• If the fund becomes a REIT then the REIT would pay state income taxes before paying out dividends.

States often follow federal for due dates but there are some odd ones out there.