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the tax line altogether when you have paid the tax. So any feedback will be highly helpful.
Originally posted by Jack Srimani:Thanks Scott. Yes it is a small company. What document should I request then to verify the rental activity for past three years. Thanks.
S corp that is reported on a K1 or and SK1. So it depends on which page you are looking at.
If I did not have an LLC running things, but it was all personal, then I be filling in schedule E page 1 with all the same information.
Also in the schedule E there is no tax entry in the line. This is making the profit inflated. I am not sure if you can ignore Nike Sweatshirt Navy
Foe expenses, do some research. Taxes can be found easily with your county assessor. Insurance quotes take 15 minutes. For utilities, have the seller give permission for you to be able to get historical data directly from the utility companies. For PM, find your own company and get quotes.
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Thanks J Scott for letting me know the difference. I appreciate it. Thanks David for your feedback. The seller is a developer of property (maily) flips. Then he sells those after renting the units for some time. One thing that is bothering me is that in the schedule E he is giving his company name as . Property Development and he has scratched off his social security number. However to my understanding a SS number is issued to an individual and not a company. This is raising a red flag. Nike Hoodie Gold
Big corporations that own larger properties keep many reports as they understand when it comes time to sell if they want top dollar they will have to show everything and be accurate. The first page is to report rental real estate activity. The second page is to report activity from a partnership or an Nike Blue Crop Top
8825 vs Schedule E
Most smaller properties the sellers self manage and keep poor records or hire a property management company that keeps mediocre reports at best.
My schedule E has nothing on page 1 and a a single entry on Part II (page 2). This is the total profit I received from my LLC (which filed a form 1065 and gave me a K 1 statement). So all the income and costs are captured separately in the 1065 and filed for the LLC entity.
Jack in a perfect world sellers would keep excellent records.
Jack, I think you should do your own due diligence like asking for rent rolls and asking for lease copies and proof of payments. Of the tenants are still there, quick interviews. You should also use market research and comps for the rentals as well. That the property was fully rented in the last three years does not indicate what will happen when you purchase so you need an independent income and expense verification. What if there is deferred maintenance and all that not currently reflected on the Schedule E."I would like to know under what circumstances does one file for 8825 vx. Schedule E. "
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Form 8825 is part of the supporting documentation for form 1065 "US Return of Partnership Income".
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