All Forum Posts by: Bob Norton
Bob Norton has started 0 posts and replied 377 times.
Post: How could I file sole proprietor plus eidl
- Accountant
- Slidell, LA
- Posts 382
- Votes 272
@Gordon Starr If you are renting properties, then you shouldn't have to file a Sch C. That would be the case if you are simply flipping properties. And, if that is the case, then I would recommend that you setup an LLC for the flipping business and possibly elect to file as an S-Corp, if your volume is high enough. Review that strategy with your CPA.
Post: Help a newbie with a request from the Homeowners Insurance Co.
- Accountant
- Slidell, LA
- Posts 382
- Votes 272
Most insurance companies send out inspectors to properties they insure when they write or renew a policy. The inspector noticed that your shed was in bad shape. You can't remove the neighbors trees, but you can make the repairs to the shed.
Discuss this with your agent to see if you can exclude it from your policy, or make the repairs and request a new inspection.
Post: Transferring fully paid lots to LLC
- Accountant
- Slidell, LA
- Posts 382
- Votes 272
You can use a quit claim deed. I recommend that you use a title company/real estate attorney to make sure you get the paperwork right.
Post: How could I file sole proprietor plus eidl
- Accountant
- Slidell, LA
- Posts 382
- Votes 272
You are a sole proprietor. You are in the rental business. You can file online as a sole proprietor for the EIDL $10k grant. If you need a larger disaster loan, then you can complete SBA Form 5C and submit that to the SBA.
Post: Deceased dad & ex wife still own joint property
- Accountant
- Slidell, LA
- Posts 382
- Votes 272
Did he leave a will? If his ex-wife is still on the title, then she owns half of the property. If you inherit your Dad's half, then the two of you will be joint owners. If he did not leave a will, then you will have to follow the inheritance laws in your state. You should research the title then contact an attorney to discuss your options.
Post: File with the Secretary of State as "Transacting Business"
- Accountant
- Slidell, LA
- Posts 382
- Votes 272
If someone slips and falls on your property and your LLC gets sued, then you will have standing in the GA courts to defend the lawsuit. The plaintiff will win and your insurance company will probably deny the claim. Register your LLC in GA, if it owns property there.
Post: Starting an LLC for real estate
- Accountant
- Slidell, LA
- Posts 382
- Votes 272
I recommend setting up an LLC for each property that you own. I also recommend carrying an appropriate level of liability insurance.
Post: "Short Business Travel" Tax Questions
- Accountant
- Slidell, LA
- Posts 382
- Votes 272
Yes, you can count the trip as a business expense. Since it was more than 50 miles from your home, you will be able to deduct 50% of your actual meal expense. As a business owner, you must use actual cost instead of meal per diem.
Post: Capital Gain Tax Exemption
- Accountant
- Slidell, LA
- Posts 382
- Votes 272
Not all states follow the Federal rules on capital gains.
Post: Capital Gain Tax Exemption
- Accountant
- Slidell, LA
- Posts 382
- Votes 272
Not if it's owned by your LLC.