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Taxes » fliprent
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  • Tax Season 2010 vs Tax Year 2009 vs Tax Return..oh my

26th February 2010

Tax Season 2010 vs Tax Year 2009 vs Tax Return..oh my

I am a tax professional yet I always find myself confused about these phrases, especially when speaking to a client.  In fact it is very common for folks to be confused about the difference between a “tax season” and a “tax year” and don’t even try to figure out the tax return year.  Well allow me to clear it up for those that are still confused, I think… 

Tax Season

The Tax Season is commonly used to describe the time between January 1 and April 15 of each year.  This is the time that we all file our personal taxes for the previous tax year.  Just to add to the confusion, tax seasons also occur within a tax year. 

Tax Year 

The tax year is simply the year in which you earned income and therefore must pay Uncle Sam a portion.  Each year is a different tax year.  At the time of this writing we are in Tax Season 2010 for Tax Year 2009.  Sure this is Tax Year 2010 but we don’t really care until Tax Season 2011 right..??

When in a conversation with your tax professional, she may ask a question about last years tax return.  This often confuses my clients because they don’t know if I’m referring to tax season or tax year.  If you are confused by this question ask your tax professional which they are referring to, year or season.  More than likely she is asking you about your previous years tax return. 

Tax Return

This is when it really gets confusing so I typically stay away from associating a year with the phrase tax return.  So how do we refer to “tax returns” when it comes to the year.  Afterall tax reurns are filed during a tax season but they are accounting for taxes paid during the previous tax year.  Well here it is.  The “tax return” year is the same as the “tax year”.  Next time your tax pro asks you about a previous tax return just replace the word return with the word year and it all makes sense..right?

posted in Taxes, Tips | 0 Comments

25th June 2008

Cash Gifts and the IRS

As a house flipper, you should be constantly looking for ways to raise money.  Friends, family and associates can be a great avenue to get started.  However, you will want to be careful on the amount and the terms used for the money you receive.  Lets say your grandfather wants to help you get started in your house flipping business.  He offers to give you money for this duplex that you just got under contract.  This doesn’t mean that he can just write you a check for any amount and of you go.  Uncle Sam may want his cut. 

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posted in Financing, Property Acquisition, Real Estate Investing, Taxes | 0 Comments

29th March 2008

Good candidate for a quick house flip and rent?

My contractors are all pretty good, so they don’t need me watching over them all day.  When I’m not flipping houses, I’m usually looking for the next flip or rental to add to the portfolio.  Well, actually I should say when I’m not physically at any of the properties…   Of the houses I saw today, this property looks like a decent deal.  The asking price was $69,900 and has been reduced to $53,900 in just under a month!  The details are as follows:

  • Legally zoned for Two Units
  • Each unit currently rented for $650/month
  • Separate entrances
  • Separate meters for Gas and Electric
  • Both renters are subsidized by the city
  • They are both 2 year tenants
  • Needs new roof
  • Rat problem
  • Possible termite problem
  • Needs new flooring
  • Needs new deck
  • Needs new bathroom fixtures (both units)
  • Needs new kitchen sink and fixtures (both units)
  • Walls need to be cleaned and painted

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posted in Financing, House Flipping, Landlord, Mortgages, Property Acquisition, Real Estate Investing, Renting, Taxes | 2 Comments

26th March 2008

Your second home..Investment or Personal Property

As a real estate investor you need to be well versed in tax laws.  Well at least if you are not well versed, youde better have a good tax accountant.   Tax deductions are available on your rental properties and also for your house flips.  The tax laws are fairly straight forward when renting property.  Typically maintenance and depreciation are the main deductions.   What about those of you that own second homes for vacation getaways or just another place to go fishing on the weekends?  This is where the tax laws get a little trickier.  The IRS classifies additional homes as either Investment property or Personal property. 

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posted in Real Estate Investing, Renting, Taxes | 0 Comments

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