Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-08-2013, 01:25 PM
Junior Member
 
Join Date: Apr 2013
Posts: 1
Real Estate and LLC Questions. Need Help desperately.

Hi - I desperately need help with my situation. I don't have CPA and no CPA is available to file my taxes this week on time.

I did quite a bit in 2012 but I am sure my tax situation is probably common to many investment folks out there. But this is my first time, so I need help and filing date is near.

My Situation:
• Both, Wife and I, work. Two kids under age of 10. We live at primary home. We file jointly every year.
• I bought 3 single family investment houses in 2012 in foreclosure auction with hard money loan - one on my name and two on LLC. Tried to sell those properties. I couldn't sell and therefore I put them on rent in 2012.
• Refinanced one investment house (the one on my name) in 2012 and refinanced other two (LLC) in 2013.

General Questions:

• Do I have to file two 2012 returns? LLC Return as well as Personal Return? I am the only member on LLC.
• If I can't file before April 15, 2012 but if I don't owe to Fed or State, are there any penalties from Fed or Sate filings?
• How does IRS keep track of cost basis of the properties that I bought in 2012? Is it based on cost basis that I report in 2012 taxes or is it based on cost basis that I report the year I sell the property. I want to make sure that I do it right and keep the proof of cost basis for 3 houses I bought in 2012. My cost basis is tricky because of all the extraneous home improvement costs, hard money loan fees, traditional loan refinance costs, utility costs, etc. that I had to put in to get the house in ready state prior to renting each property out.

Business
○ How to differentiate Rehab/Home improvement costs vs. Rental costs? I spent lot of money in purchasing and fixing up the rental properties prior to putting them on rent.
Home Improvement/Rehab Expenses:
§ Cost Basis of investment properties
□ What expenses can I use to come up with cost basis for purchase of three investment houses (that are rental properties after home improvement/rehab) so that I can use that adjusted costs basis when I sell the rental property? Foreclosure auction Buy price + Realtor commission + Hard Loan Money Points + Interest Payments to Hard loan money lender + Mortgage Refinance costs + Rehab/Home Improvement costs + Landlord Insurance costs + Staging Costs + Utility costs? How to best document cost basis and report in 2012?
□ Can furniture staging costs be included in Rehab/Home improvement/Cost basis costs? My original intent was to turn around and sell properties immediately.
□ One house that I bought in 2012 is on my name (as opposed to LLC). Other two houses that I bought in 2012 are on LLC name. What difference it would make to my filing of taxes?
□ Does adjusted Cost basis of a investment property have time limit such as expenses up to the time when the property goes on rent?
Refinance:
® Refinance of two investment houses (from hard money loan lender to traditional lender) happened in 2013 but these houses were purchased in 2012. However, Appraisal fees for these two houses was paid in 2012 for these two properties. How does this impact 2012 taxes and cost basis?
® Impact of Refinance costs on cost basis - Do I have to deduct pre-paids?
Receipts:
® I don't have receipts for all items bought from merchandise shops and some people who did rehab work didn't give me receipts.
◊ Can I use Credit card as a means to show proof of expenses where applicable to reduce paper clutter?
◊ Can I use bank "cash withdrawals" statements as receipts for expenses?
○ Where do general LLC expenses such as meals, online subscriptions for business, etc. go?
○ Vehicle: Vehicle/mileage Deductions? Is this per property or per business?
Rental Maintenance Expense:
§ Can I pay myself for expenses such as Property Management , "Roof and gutter cleaning" , etc?
§ How do I report this?
○ 1099 MISC - There are few contractors I paid over $600 for home improvement of investment properties.
§ Am I required to issue 1099 MISC? There is a contractor who didn't give me W2 because he already filed his taxes and doesn't want to redo his taxes.
○ I took BIG loan on credit card to pay for down payment. How can I use that towards deductions/tax break?
○ Home Office:
§ If I use home as office and claim home office expenses, do I have to adjust my cost basis when I sell my primary home? Is this advisable?
Foreign
○ Can I add my parents (who live in foreign country) as "Dependent"
○ Are there any tax implications of property overseas and can the losses be carried in?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 05-23-2013, 01:45 AM
Junior Member
 
Join Date: May 2013
Location: New York,USA
Posts: 10
That's pretty much helpful for me to get the right choices over here and to feel the right options over here. You made this thread in much detailed that would help us to find the right choices.

Please make me suggestions and visit:
conveyancing Brisbane


Last edited by Thomas Jacusy : 06-06-2013 at 06:52 AM.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #3 (permalink)  
Old 07-06-2013, 06:04 PM
Junior Member
 
Join Date: Jul 2013
Posts: 1
I Need A Loan

HOW I SECURED A LOAN FROM IDEAL FINANCE LTD.

They offer private, commercial and personal loans with very low annual interest rates as low as 3% in one year to 50 years repayment period anywhere in the world. We offer loans ranging from $ 5000 to US $ 100 million.

Their loans are well insured for maximum security is their priority. Are you losing sleep at night worrying how to get a legitimate loan lender?

Contact FINANCE ASSIST LTD (Loan Services) now, experts who can help get Loans to stop bad credit history to find a solution that wins

Please contact them for more information on [email protected]

Creditor: Mr. PAUL WILLIAM
The lender E-mail: [email protected]

Sincerely,
The Creditor Mr. PAUL WILLIAM.
GENERAL CONSULTANT.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
WA state/Federal Estate questions jdcaro55 Miscellaneous 1 01-16-2013 04:58 AM
Question about Real Estate Tax LDM2011 Itemized Deductions 1 03-16-2011 07:03 AM
Is the Real Estate Withholding Tax an additional tax on sale of Oregon Real Property? TaxGuru Oregon 0 11-04-2010 12:03 PM
Real estate professional offsetting Real Este losses against spouse's W-2 income MRAMANNA Rental Real-Estate 2 03-08-2009 01:49 PM
Real Estate Commissions InTheWindyCity Miscellaneous 1 01-18-2007 12:29 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning