All Forum Posts by: Ricky A.

[quote]If I explain this to my CPA will it be something he can work with?[/quote]

I don't think you (or your CPA) really has a choice. I agree with Sean, you need to tell your CPA, and s/he will have to work with it (and help you get it cleaned up).

There are 3 people that I try to never surprise (read: hide stuff from): my attorney, my doctor, and my CPA. These are the people that, I feel, need to know the truth--good, bad, or ugly--as they can help you deal with it, fix it, and avoid letting it get any worse.

A good CPA doesn't just do taxes. A good CPA is a strategic partner who can help you do things correctly (to avoid penalties, surprises, and even jail) and maximize your cash flow in ways you may not be aware of.

Yes, you'll likely need to pay taxes in Ohio. Sounds like you didn't file the previous return(s) with them. A good CPA will help you get this cleaned up.

You'll probably want to formalize the agreement with your aunt and make sure there are the appropriate money and paper trails. I'm not sure how you split the numbers to report on your taxes, but a proper agreement could help protect you both. For example, say the tenants' rent checks are being written to you as the property owner, but you only report your portion (not yours and your aunt's) on your tax return. An IRS audit could charge you for the full rent whether or not your aunt is paying taxes on her portion. [Granted, I don't know how you are creating the splits for tax purposes, but an issue could happen on the income or the expense side of things.]

Hello, BPers!

I'm new to BP after finding it a month or so ago while searching for a good rental property analysis spreadsheet.

I usually don't like to give up the email addy, but I'm glad I did in this case because that's how I learned about the podcast. I started listening from ep. 1, and I'm currently at ep. 30. After listening to so many in such a short period of time, I figured it was time to really join the community and introduce myself.

Anyway, I live in Durham, NC and am primarily interested in buy-and-hold/rental properties. I'm currently renting a townhouse that used to be my primary residence, and I should be closing on a 2nd rental (a single-family home) next week.

I'm also interested in looking for opportunities in Huntsville & Decatur, AL. I spent a lot of time there, and as I start, I want to concentrate in geographies that I know.

Now that I'm actually starting to invest in real estate (instead of just thinking about it), I'm also excited to start attending the local REIA meetings (www.treia.com) again.