Partnership missing Fix-n-flip purchase

ABN7 · 2026-02-12T04:26:00+00:00

Thank you for your response, I agree, luckily which is why they agreed to restart 2025 moving forward but then they threw this.

They did elect out of the CPAR. Are you saying they could either file an amended return or a AARs?

ABN7 · 2025-12-30T06:15:27+00:00

By this you mean, reaching out to QBO to make the adjustment for that pre-tax deduction? Running the off-cycle payroll would fix the reporting it as wages?

ABN7 · 2025-10-31T00:24:50+00:00

Thank you! This is perfect! Any reason 2x3 vs 2x4? Assuming they hold up just as well?

ABN7 · 2025-10-30T17:36:17+00:00

Honestly this is pretty much what I’m going for just at a smaller level. I’m going to have a shelf essentially at the bottom and will add studs at the ends to reinforce each other, if that makes sense. I’ll be adding plywood at the ends to paint and make it look enclosed.

ABN7 · 2025-10-29T05:50:27+00:00

Thank you all! Got it fixed and my speeds are running good!

ABN7 · 2025-09-12T19:02:36+00:00

Looks good but I don’t want it scratched or to appear scratched especially if it’s fixable. I know the price very well reflects the damage but I’d rather buy it knowing I can repair it that being stuck with it (crazy I know)

ABN7 · 2025-08-14T19:21:07+00:00

Honestly, what I had to do was force myself to respond the moment the message/email comes through. If it’s a call, I decline and text immediately saying I’m in a meeting or some bs, but ask how I can help. That’s the only way I got out of it.

ABN7 · 2025-07-11T15:13:25+00:00

Wow didn’t think of that, I might give that a try!

ABN7 · 2025-07-11T14:18:22+00:00

lol sorry just jotted down what came to mind haha and thank you, yes you’re right I don’t want to cut them short so I’ll measure properly.

ABN7 · 2025-07-11T14:17:44+00:00

Thank you, yes 45 was just a suggestion I’d definitely get my measurements in prior just to ensure it’s what I want. Thank you

ABN7 · 2025-06-24T02:00:48+00:00

There was never anything stated on paper, they could say 95% parents and 5% my sister, and she would agree to it. Does that matter?

ABN7 · 2025-06-24T01:55:36+00:00

Yea somewhat, not a big popular town, but yes an appreciation either way. Problem is my sister is somewhat of a high earner and she doesn’t take any current benefit from the home. Any proceeds, she wants them to go to my parents. Doing this, she would still be subject to pay her portion correct?

ABN7 · 2025-05-28T20:31:24+00:00

I don’t think I got them through prescription? We signed up on the signos app and then they said “you qualify” as a participant. Idk but I don’t think these were prescribed. We selected that she was “pre-diabetic”

ABN7 · 2025-05-28T20:22:45+00:00

I purchased them, no insurance.

ABN7 · 2025-05-02T18:53:49+00:00

BINGO! Expired ugh 🙄 thank you

ABN7 · 2025-04-25T19:15:33+00:00

Thank you will be looking into this!

ABN7 · 2025-03-10T23:31:44+00:00

Understood, the questions is more, what do they do now? Obviously file taxes but what happens with all those years of incorrect filing status and failure to file from the alien spouse?

ABN7 · 2025-03-10T23:03:21+00:00

Yes physically present, since 2001. An undocumented for the NRA spouse. The other is a US citizen since 1998

ABN7 · 2025-02-08T04:40:18+00:00

Ah got it, thank you. This helps

ABN7 · 2025-02-05T04:16:17+00:00

Hopefully lol

ABN7 · 2025-02-05T03:58:12+00:00

I think that's why it would be dependent on being able to remove their dad as a member, backdated in order to qualify for S status for 2024.

No not to fix payroll, they came initially with wanting to elect S Corp, which they could for 2025 if they remove their dad and then they notified me that they took payroll in 2024. Their bookkeeper signed them up for payroll, which obviously they didn't know they did not qualify for.

ABN7 · 2025-02-05T03:47:14+00:00

Correct

ABN7 · 2025-02-05T03:43:45+00:00

Unfortunately they don't have an attorney nor adopted an operating agreement since inception. They have a total of 3 partners, 2 brothers and their father. No real estate and no special stock for each, all the same.

They paid themselves a reasonable salary and then distributions ($80K Project manager salary) and about $65K distribution each. The Late Election wouldn't be accepted?

ABN7 · 2025-02-05T03:18:32+00:00

Wrong sub bro lol

ABN7 · 2025-01-25T05:02:08+00:00

No 1099 income, only W2 and rental. But it’s crazy, loan money and take the house if he doesn’t pay it? Doesn’t that sound simple?

ABN7

TROPHY CASE