Here is some IRS information regarding the penalties for not filing the 1099s. https://www.irs.gov/government-entities/federal-state-local-governments/increase-in-information-return-penalties-2

I will second @Linda WeygantShe is located in Colorado and was a BP podcast guest.In regards to your tax return - if you have an out of state business - you may be required to file a resident return in Colorado and a non-resident return in the states that your business transacts in.

We can put a line on the settlement statement called "return of earnest money" so that comes back to you and only exchange proceeds go forward in the purchase.

So in your case it is very likely that you would not be able to deduct those expenses on your 2017 return at all but would rather keep track of them and add them to the basis of your property, which you will report in the year that it is placed in service. 

The question is whether or not all parties will be actively involved in the deal (JV/partnership) or if there will be one lead/sponsor/general partner and the rest will be passive investors with expectations of return on their money (syndication).

If at that point the seller believed that I breached the contract he could then sue me for return of the deposit.

I own a duplex in the city of Cleveland and would like to know if I need to file a tax return with the City as well as the state.

Hello everyone,I am seeking my first investment property and I came across a listing that looks like it could have good returns, however am weary this could be a money trap.Does it raise a red flag when a seller wants a cash deal on a house?

This 40k will flow to your tax return and you will pay taxes on it at ordinary income rates.4) You take out $105k from your LLC (shareholder distribution).

After some back and forth with the seller's agent, the seller how signed and returned the LOI to me.We're now working on submitting the PSA & scheduling an inspection, but my team will be out of the country for 10 days.My question is: I am running any risk of seeing the seller move on and find another buyer because we're "slow"?