If your rental house is foreclosed on, the IRS views it as a sale. This requires you to report the gain or loss you incur on your tax return. However, the foreclosure increases the complexity of the transaction for tax reporting purposes since you must consider other factors, such ...
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When selling a rental property, the investor has four major options—sell the rental to cash buyers or other real estate investors, wait for the lease agreement to expire, sell the rental to the tenant, or pay the tenant to leave and then list in the real estate market. Whichever option ...
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To be eligible for a 1031 exchange, the properties involved must be of like-kind, meaning they are similar in nature or character. For example, you can exchange a residential rental property for a commercial property or a vacant land for an office building. The IRS provides broad guidelines ...
It's easy to feel overwhelmed when you have years of back taxes you need to file, but we're here to help. Before you file your back taxes, learn how to gather old tax documents, which forms to complete, and how to minimize penalties and interest. If you'
1. Should I form my LLC in the state of Tennessee where my rental property is located? or should I form my LLC in the state of California where I live. 2. Ive heard that states like Nevada, Wyoming and Delaware are great states to form LLC’s. Would you recommend me forming my LLC...
Knowing the steps to buying a rental property might be easy, but here's what each step actually requires you to do.
Learn how to start an LLC in Arizona using our free guides. We'll explain it all, with step-by-step instructions.
IRS Publication 527, Residential Rental Property MortgageImage courtesy of Shutterstock About the Author Laura Adams, MBA Laura Adams received an MBA from the University of Florida. She’s an award-winning personal finance author, speaker, and consumer advocate who is a frequent, trusted source for...