Estimated Taxes On Rehabs

I being new to this business do not know how to file my taxes or what forms i have rehabed 5 houses and put over 9,000 in each but have not filed a return please give me advice

Comments(8)

  • finniganps18th December, 2007

    A lot more information is required. Did you hold the properties as rentals, or rehab and immediately sell? How long did you have the properties?

  • teddeeahome18th December, 2007

    flips

  • teddeeahome18th December, 2007

    rehabs and selling them

  • cjmazur18th December, 2007

    keep you nose clean with the IRS and State taxing agencies.

    I would suggest you find tax professional in your area that is familiar w/ real estate investing and get it all cleaned up.

  • teddeeahome18th December, 2007

    thanks i want to clean every thing up i just donnt no how

  • teddeeahome19th December, 2007

    thanks chris i will consult a tax pro or an accountant had partners in these deals who got paid but it was under my llc which they were not members so how do i include their share new and stupid thats what i was.

  • ypochris19th December, 2007

    Well, you paid them for something- for their work or consulting or as a cost of borrowing the money you needed. Send them a Form 1099 for what you paid them and it becomes their problem.

    Chris

  • LeaseOptionKing19th December, 2007

    An S Corp will save you the 15.3 percent self-employment income on a good portion of your profits. You will have to pay it on your salary, though (by deducting 7.65 percent in social security and matching it as the employer--but you can write-off your employer portion effectively cutting it in half). Ideally, you would use an LLC for holding and a Corporation for flipping ("Dealer" property).
    [addsig]

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