Income Taxes

[LivingAlmostLarge]

use someone in us. And get someone from a military friend whose used to working wtih miliary. They will be familiar with excluded income, residence (usually 0 income states), etc.

[myrdale]

I have a local accountant to prepare mine. The cost is about $120. I should imagine I am as straight forward and easy as they come. While I'm sure I could handle filing myself, I'd prefer to have a professional sign on the dotted line.

[QuarterMillionMan]

I always wait until the end since I always have to pay. For IRS, I paid $1350. For California, I paid $350. I used tax software and DIY.

[myrdale]

I always wait until the end since I always have to pay. For IRS, I paid $1350. For California, I paid $350. I used tax software and DIY.

I got $7 back federal. I had to pay Georgia $25.

[riverwed070707]

Mine was painful this year Didn't have as many write offs on the rentals as I typically do + my lending income is growing rapidly. Ended up owing $9k in federal plus an underpayment penalty and a few hundred in state. Will start paying quarterly estimated taxes this year

[myrdale]

Mine was painful this year Didn't have as many write offs on the rentals as I typically do + my lending income is growing rapidly. Ended up owing $9k in federal plus an underpayment penalty and a few hundred in state. Will start paying quarterly estimated taxes this year

Ouch!

You run your own business I presume? The only good answer I have for that is to set up an account which the money is sent to automatically. Then when taxes come due you can pay out.

[ua_guy]

We switched to making quarterly payments for 2025 after getting hit with an underpayment penalty in 2024, first time ever which was a little weird. We ended up with a small refund this year which we applied to 2026 taxes. This is fine, but I prefer just paying the bill when it's due.

[kork13]

I expect this year will be painful for us as well. I found and am working with a CPA ... Quite expensive ($1500+ per year), but she has a specialization in real estate & RE partnerships, which is exactly why I sought out a CPA.

I'm having her file an amended return for 2024, which will take into account my RELP K-1s. Also having her do 2025 for me, though it'll be an extension for now since the K-1s are not ready. No guess what I'll end up owing in taxes (which is my assumption).

[riverwed070707]

Ouch!

You run your own business I presume? The only good answer I have for that is to set up an account which the money is sent to automatically. Then when taxes come due you can pay out.

I guess you could consider real estate a business, but it doesn't make much and is largely passive. My w2 income has just been climbing (good problem to have I guess) and kicked me into a higher bracket so the measly $25k the rentals "profited" plus my lending interest just took a big hit. I put profited in quotes because after mortgage payments, my net was only $6k

[bjl584]

I owe $1700 Federal and $700 to the state this year.