13 08, 2018

With An Out-Of-State LLC, You’ll Need A Registered Agent

By |2018-08-13T18:28:29+00:00August 13th, 2018|Categories: Business, Investing, Investment, Investment Properties, Investments, Lawyers, Real Estate, Taxes|0 Comments

If you live in a state that is a bit unfriendly to small businesses, you might have considered just forming your LLC in a state that isn't. Investors do this frequently. Here's the thing though: If you intend to form your LLC in a state that is more friendly to small businesses like small real estate investment companies, you will need a registered agent. That's your legal obligation. What does that mean? Well, if your LLC is registered in another state, you have to have someone in that state to handle all of your LLC's legal and tax documents, and

12 07, 2018

How A Cost Segregation Study Helps Real Estate Investors

By |2018-07-12T23:02:24+00:00July 12th, 2018|Categories: Hard Money, Income, Investing, Investment, New Home Development, Real Estate, Taxes|Tags: , , |0 Comments

A cost segregation study can identify and reclassify your property, with the benefit of shortening the property's depreciation time. What happens when the property's depreciation time is reduced, as you probably know, is that your current income tax obligations also reduce. Using this tool, the IRS allows to to speed up the depreciation on certain things such as carpet or cabinets, and even light fixtures and flooring in a building. That way, you can enjoy tax savings sooner! So why doesn't everyone do a cost segregation? Well, the cost of it is not cheap. So, only investors with significant property

8 07, 2018

How You Can Use A Section 1031 Exchange To Defer Taxes Indefinitely

By |2018-07-08T21:28:03+00:00July 8th, 2018|Categories: Investing, Investment, Investment Properties, Lawyers, Taxes|Tags: , , |0 Comments

Real estate investors can use IRC Section 1031 to postpone paying tax on the gain if they reinvest the proceeds in a similar property. This doesn't mean that it's tax-free, but it does postpone the tax. Plus, they can defer indefinitely if they're smart about it. Real estate investors use this to grow their portfolios and increase the actual return on investment. To do this you'll need to know all the details of the Section 1031 code though, and should consult with an expert.  Here's the thing: Too many people assume that they can't use Section 1031 because they think

17 05, 2018

Heads Up About Fulton County Property Tax Bills

By |2018-05-17T15:00:52+00:00May 17th, 2018|Categories: Hard Money, Investments, Taxes|0 Comments

If you're thinking about an investment property in Fulton County, you should be aware that the Fulton County Board of Assessors announced a 25 percent median increase in the year's home appraisals. Last year, Fulton County residents complained about drastic assessment increases. After those complains, Fulton County decided to keep assessments the same as the year before. Still, that won't work this year. See, according to law, tax assessments must be close to market value and Fulton is doing very well. Still, in Fulton County, the board of assessors did tell the public they would investigate properties that might have

30 04, 2018

Property Tax Relief In The State of Tennessee

By |2018-04-30T15:00:42+00:00April 30th, 2018|Categories: Hard Money, Taxes|Tags: , |0 Comments

Let's talk about the State of Tennessee property tax relief program. Tennessee offers tax relief to certain eligible homeowners for all or part of paid property taxes. The tax relief isn't an exemption. Homeowners still get a property tax bill and are still responsible for paying property tax each year. The amount of tax relief varies. The amount of tax relief issued by the State of Tennessee depends on the property assessment and the county or city tax rate. It might not be the same every year. Most property investors know, but this tax relief is only available for people's

29 04, 2018

Standard Deduction Increases for 2018, Freeing Up Some Extra Cash For Renters, Home Buyers

By |2018-04-29T13:00:00+00:00April 29th, 2018|Categories: Hard Money, Investment Properties, Taxes|0 Comments

Just a heads up: This year, changes to the federal tax law bring increases to the standard deduction that people can use when filing their 2018 taxes. Most Americans, including renters and home buyers of your investment properties claim the standard deduction, avoiding the hassle of itemizing on their federal tax returns every year. For 2017, the standard deduction for a married couple was $12,700. Next April, the standard deduction for the same couple will be $24,000. Generally, this means a lower tax liability for the average renter or home buyer. Additionally, the Child and Family Tax Credit doubles per

17 04, 2018

Paying North Carolina Property Taxes Online

By |2018-04-17T15:00:06+00:00April 17th, 2018|Categories: Taxes|Tags: |0 Comments

In North Carolina, property tax gets paid to the counties. The property gets assessed locally. You won't see a property tax bill from the North Carolina Department of Revenue. In most counties in North Carolina, the tax lien date is January 1, so if you own the property as of that date, you're the one liable for paying the property tax. Still, the N.C. Department of Revenue exercises general and specific supervision over the taxation of property in the whole state. North Carolina General Statute 105-289 covers that. The N.C. Department of Revenue's Property Tax Division holds the responsibility of

13 04, 2018

Tax Cuts and Jobs Act Allows Business Owners A Tax Break On Roofing Projects

By |2018-04-13T13:00:55+00:00April 13th, 2018|Categories: Business, Commercial, Construction Loans, Income, Investing, Investment Properties, Taxes|Tags: |0 Comments

Consider this: The Tax Cuts and Jobs Act offers business owners a new way to recover costs on projects including roofing projects as long as it's on a qualifying project. What is a Qualifying Project? A depreciable tangible personal property purchased to use to conduct business counts as a qualifying project. The new Tax Cuts and Jobs Act lets businesses avoid devaluation on capital investments with expected lifespans of 20 years or less. So, while some roofs may last longer that 20 years, Everyone knows the lifespan of an asphalt shingle roof is considered 20 years. Plus, the maximum investment

8 04, 2018

North Carolina Disabled Veterans Homestead Property Tax Relief

By |2018-04-08T13:00:13+00:00April 8th, 2018|Categories: Taxes|Tags: , |0 Comments

We have worked with many veterans interested in flipping houses or purchasing rental properties. So, we like to pass along information that might benefit veterans when we come across it. Did you know that in North Carolina, veterans with a 100 percent total and permanent disability might qualify for a nice sizes property tax benefit? As usual, veterans seeking a benefit like this must have been honorably discharged. Unlike some other programs though, there is absolutely no age or income requirement for this North Carolina program. So, even if you are making good money on your rental home, you can

17 03, 2018

How To Appeal The County Assessor’s Property Value In North Carolina

By |2018-03-17T18:46:40+00:00March 17th, 2018|Categories: Flipping, Foreclosures, Investing, Investment, Investment Properties, Investments, Taxes|Tags: |0 Comments

  North Carolina’s property tax is “ad valorem,” so you're taxed based on the property value. But what happens when you disagree with the county assessor? The assessor revalues properties within the county at least every eight years. So, if you get a wrong value placed on your property, you could be paying the wrong tax on it for the next eight years! It's partly your responsibility to check your assessed value, if you own property. The good news is there is recourse. If you disagree with the assessment, you can appeal it. Imagine being over taxed for your property