Reno area CPA/tax attorneys

Reno, Nevada
Reno Real Estate Forum
4yFollow

Reno area CPA/tax attorneys

Jameson Schwab
Member since 2021 · 18 posts · 7 votes

Good morning BP Reno,

Curious if anyone has leads on a CPA/tax attorney firm in the Reno area familiar with REI and the formations of LLC's. We currently house hack in our primary residence in California, and have a rental SFH in Reno, NV. We are new investors and want to maximize our tax bill and also file for an LLC to move at least the Reno home into.

Thanks for any input!

3Reply
15 views

6 Replies

Jump to latestLatest
  • Bill SchrimpfBusiness Member
    Real Estate Agent · Reno, NV · Member since 2014 · 349 posts · 189 votes
    4y

    @Jameson Schwab - Check out Terry Redmon for CPA and Cheri Hill fur business entity formation.  Both are very well rounded pros but have different specalities.

    [email protected]775-741-2326
    ERA Realty Central - Bill Schrimpf58 Reviews
    WebsiteView Page
    0Reply
  • Jameson Schwab
    OP
    Member since 2021 · 18 posts · 7 votes
    4y
    Originally posted by @Bill Schrimpf:

    @Jameson Schwab - Check out Terry Redmon for CPA and Cheri Hill fur business entity formation.  Both are very well rounded pros but have different specalities.

    Thank you! 

    0Reply
  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    4y

    @Jameson Schwab

    House hacking makes your tax situation more complex.
    You purchased a property that is treated as both an investment property and a personal residence. As such, payments that you make need to be prorated between business deductions and personal deductions.

    Payments that you make normally fall into one of 3 buckets
    100% of the payment can be factored in somewhere on the return
    Partial payment can be factored somewhere on the return
    0% of the payment can be factored in somewhere on the return

    House-hacking also has considerable tax implications in the event that you want to sell this property.

    You can potentially defer a portion or all of the gain on the investment property with 1031 exclusion.
    You can potentially exclude a portion or all of the gain on the personal residence with section 121 exclusion

    [email protected]917-280-8544
    Basit Siddiqi CPA4.979 Reviews
    View Page
    0Reply
  • John Acheson
    Renter · Las Vegas, NV · Member since 2018 · 278 posts · 71 votes
    4y

    Internal Revenue Code 453 aka DST NOT Delware BUT Deferred Sales Trust are a great way to avoid the warnings and everyone steering you towards 1031s during a rising market where you'll probably end up overpaying.

    But good luck finding someone with a track record of 453 DSTs.

    I'm looking/researching hard and you can start with

    brett with capitalgainstaxsolutions.com on YouTube

    Hope this helps you save MILLIONS in taxes

    by providing wealth through TRUE

    passive income :)

    0Reply
  • Jameson Schwab
    OP
    Member since 2021 · 18 posts · 7 votes
    4y
    Quote from @Bill Schrimpf:

    @Jameson Schwab - Check out Terry Redmon for CPA and Cheri Hill fur business entity formation.  Both are very well rounded pros but have different specalities.

    Just an update, reached out to these recommendations via email and phone and never heard back. Typical radio silence treatment that has become all too common with the times. 
    0Reply
  • John Acheson
    Renter · Las Vegas, NV · Member since 2018 · 278 posts · 71 votes
    4y

    Anderson Business Advisors?

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free