I recently bought a property in another state was quoted $950 to file federal and 2 state income taxes. Is that a fair deal?

like
Posting as :
works at
You are currently posting as works at

This isn’t enough detail. How is the property owned? Where? And what state are you in? I ask because I hope you own it through an LLC where the property is situated. So you’re going to go up to your state and the feds, but I don’t know whether the state where the property is has its own rules. That said, $950 seems really reasonable—too reasonable. To the point that I hope they’re actually doing their job in being creative about how tax favorable real estate in investment is.

Too much unless you have super complex legal entities

Related Posts

Started my Roth IRA in 2019 and bought some funds that aren’t doing so well. I want to trade them for an index fund that the majority of my Roth IRA is in. Will I be penalized for “selling” before a certain amount of time? I don’t plan on taking the money out until retirement, just want to reallocate.

like

Getting about $2200 back from Federal and $1300 back from NY State. Claimed 2 for both last year and having 2nd kid this year. Should I bump to 3 or keep as is?

How big is to big for an initial investment property. Theres a 20 SFH portfolio for sale by me for about a mil. Is this to big to start with initially? I'm less worried about the Financials (feel comfortable on that end) and more worried about the managerial aspect.

like

How much money would you want to have before purchasing an apartment? I am considering buying an investment property, I have enough cash to purchase outright but it would basically decimate my savings. Mortgage is not an option as I would be purchasing in another country.

likehelpful

Debating between a few travel cards and need some opinions. Debating between Capital One Venture, Venture X and Amex Green card.

Live in a non major city with an international airport, but need to be flexible to different airlines. Which of those cards, or other cards out there, would be best

Parents- how much are you saving for your kids? Married mid 30s and family income is around 200k. We both max employer 401k. Have around 30k debt. Lcol and low mortgage. Would you pay off debt- or focus on kids savings? Oldest kid is 7 years out from college and will have some VA benefits.

like

If I see one more article on how millennials are ruining the economy or housing market by not buying enough homes or selling enough homes I'm going to scream. We were saving for 3 years before Covid and had to use a solid chunk to take care of ourselves and our families during quarantine. Now that we're ready to save again inflation and COL are at an all-time high and we're headed into a recession. And somehow this is my fault for what...not being a boomer? Bffr.

likehelpful

Why is it when I owe money to a state from my annual tax filings, if I don’t pay the full amount I get charged interest. But when they owe me, they ask for additional documentation and won’t pay me interest for them stonewalling me. Not much volatility y/y in earnings.

like

How much money do you have saved up?😳

like

How do I classify my property for tax purposes if I received rental income for exactly 15 days this whole year? Primary?

like

Hi experts, in a multiple offer situation for my property with all contingencies waived. I want to add a ‘no repair by seller’ clause to ensure buyers don’t negotiate during their short due diligence. Pls advise on what to ask from their realtors?

like

Highly Technical Market Sell-Off - Though, it has picked up over lunch and I suspect that short term turn is in near. Old floortrader told me once, never trust a market that is making new session highs or lows during lunch. That's not normal. This might not be a normal day; but we do need to rebound to get another opportunity into the short trend. So, count on it. The last draw is more suspect as it hasn't been proven to exist yet. So, we will see how we look when we trade 9855.75 on NQ.

Post Photo
likehelpful

Love how BS credit score is. Got my score up to 800 last month only to go on vacation so my credit utilization went up to 8% due to the increased spending and my score dropped 35 points because I didn’t immediately pay the balance after charging the purchases. I always pay my balance in full each month and have never missed a payment, how is 8% credit utilization determined to be that big of a risk that my score got immediately wrecked, I don’t understand

like

Anyone here moved from Chicago to ATX? Currently in Chicago and considering making the move. I love Chicago and the general vibe here, but it's impossible to buy a home in the city that isn't a condo with a crazy HOA. I've visited Austin as a tourist but never spent more than a long weekend.

like

Should I lease a car or buy it? Which is better? Does it impact the insurance rate?

like

There’s a debit card that I’ve been using for the past 4 years and it beats out some of the cash back credit cards. It’s the Cash app debit card. I haven’t heard people talk about it in the card community and it could save people a bit of money - 10% cash back. I posted about it on my Instagram HerMillennialMoney if you want to learn my tips and tricks with the care.

like

Looking for a soundboard.
Expecting parent, 35yo, NW of $1.2M with investment property in my hometown in Europe near family & friends (mortgage is less than $1k). Current expenses in Bay Area is 5K a month, probably more once baby comes.
Thinking of leaving Bay Area in 2 years and semi-retire for a few years in Europe, focusing on parenting and freelancing.
Any thoughts on this plan? Anything I should be aware of?
Thanks!

like

Does anyone have any book recommendations for information on buying a house?

like

Anybody here a FTB in London, UK?
If so what kind of mortgage rates are you expecting?

What corporate card does BDO use?

like

More Posts

New to the area, anyone in this group into hunting?

like

PwC (Cloud Digital practice — Director ) Vs… Deloitte (AI Cognitive practice— Sr Mgr.) …
Where would you go as an experienced hire….

Better long term stability ? exit opportunities ? Work life ?….

like

moved from inside sales to an outside role...any tips on suit care during travel? What do you do with your jacket if you are traveling same day as a meeting?

like

Any recs on where to get a nice tux (to wear for my wedding)? Thinking ~1.5k budget

like

Anybody have workout shirt recs that are longer? I’m tired of shirts fitting at the shoulders and being too short … 6’1” 200lb

like

I’m looking for constructive chats around generating high quality Health Insurance leads at scale. Open to share some of our findings

like

I am looking to enter big law. I had a clerkship on a state Business Calendar and am a current first year litigation associate where I have prepared for a trial, taken and defended depositions, and have extensive motion writing practice in tech, business, and employment cases. Is it a waste of time to try and make a move to big law with such few years of experience?

likehelpful

Thoughts on the Technology Strategy and Advisory group? What sort of projects / roles would a consultant take on? Wlb?

In your opinion, which biglaw firms have the best tax groups?

like

Any info on Fractal Software salaries?? They are hiring for a Research Investment role, and I can’t seem to find anything on compensation.

like

Hi, I was promoted to Associate in March. Am I eligible for October annual hike?

like

Anyone know how much clinical operations managers icu make in hawaii

like

Hi All,
I have below offers. Could you please help me to choose best.

MasterCard : fixed(21L) + Variable(2.1L)
Mphasis: Fixed(25.5L) + Variable(1.3L)

Please suggest.

Whats the salary range for Senior SDET with skills of Python, javascript, jenkins, git, docker, aws

Fresh out the oven madeleines. Probably my fave tea cakes ever!

Post Photo
like

What's the vibe of the FH NY team these days? I know a lot of big name accounts (att, Samsung, citi) but is the culture strong?

like

Any referals for RPA developer role or similar(consultant)
YOE-3.6 Years
Stack-Automation Anywhere,Python,Basic workfusion,basic openspan,pixiebrix. SQL,API

What are some good trips to do with Bonvoy points in the Northeast (thinking more spa/relaxing vs touring cities) e.g Berkshires, Vermont etc

like

I’m sure this has been asked but what is/are the reasons for your interest in watches/timepieces? For me, I’ve always worn watches even as a wee little lad to make sure I was on time (or maybe I was

like

Additional Posts in Real Estate Professionals

Anyone who works at Wells Fargo willing to connect?

like

Hi experts, in a multiple offer situation for my property with all contingencies waived. I want to add a ‘no repair by seller’ clause to ensure buyers don’t negotiate during their short due diligence. Pls advise on what to ask from their realtors?

like

Is the RE job market tough right now? Having very little traction in getting interviews. Seeking RE development roles mainly.

like

Hello my RE professional. If you did the math. 1) What percent of your commissions have you been spending on the virtual experience of the homes you are selling (video, photo, drone, 360/virtual tour)

like

Looking to buy my first property by 2024, and I am going to start researching now. What are the initial steps that people would recommend?

For reference I have very little knowledge and am in between air bnb and buying a duplex then renting out the other side. Open to suggestions/what others have had success with.

like

Looking for new opportunities in CRE in NYC. Valuation, underwriting or something similar. Significant experience with ARGUS Enterprise, just finished a Python/data science course. Interested in talking to REITs but open to talk to anyone needing my skill set outside of traditional appraisal.

Any suggestions? Appreciative of any leads...

like

Recommendations on design services and places to buy furniture? We just bought a house and are looking at RH and Arhaus.

like

How is work life balance at REPE firms?

like

Any experiences with ResiCap? Thoughts on the company?

like

Where does one apply for commercial RE loans? Looking for co names

like

Does anyone have suggestions for resources or templates for pitch decks? I need to upgrade our firm’s investor & lender packages to a more institutional quality.

like

Incoming offer from a REIT as an acquisitions analyst in the Carolinas. I have 2 YOE. I’m hoping for 85K + ~30K bonus range. is this feasible? or should i expect something lower?

like

Hello,
Does anyone have advice for someone looking to purchase their first investment property? Maybe something you wish you knew before buying yours etc. I’m looking at single families

like

I am currently in Retail Project Management (coming up on 2 years) right now and am looking to make a shift into real estate finance. My degree is in finance, and I am really looking to pair that degree with my passion for real estate investment. Any suggestions on how to make the transition? I am just concerned on how to sell my current experience to a finance-specific role. Any thoughts and comments are greatly appreciated!

like

I have an opportunity to join an investment sales team specializing in office and industrial in a tier 1 city. I would normally jump at this, but the uncertainty around everything coronavirus makes me nervous about going commission based. How are the IS brokers out there doing?

like

Good morning everyone!
I am currently looking into switching careers and going into real estate. Does anyone have any advice/tips on the best way to start the process? Thank you!

like

How to prepare for a real estate investiny case study / memo interview? Apparently the case is light on financial modeling. Thanks!!

like

Hi. How do I get into commercial real estate? Where do I start? Real Estate and business ownership has always my passion and I'm ready finally to do what I love.
I like residential real estate too, but wondering if I should do that after given the sheer number of residential real estate agents out there.

like

Considering getting my license and starting off as a real estate agent. I've always loved real estate, house flipping, interior design. What can I expect as income and time commitment as a brand new agent with no book of business? How hard is it to get established and become well known in my area? I'm in the Bay Area. Anything else I should know before I quit my job and persue this dream?

like

I am currently overseeing the Americas/Layan real estate portfolio of a big consulting firm, based in New York City. Aiming to move as I have been here for a long time and learning curve is fairly flat. Any ideas of comps with other corporates? Have 15+ year experience in real estate

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal