All Forum Posts by: Bruce D. Kowal

Who has title to the assets?

One last thought, have you thought about moving to a State with zero individual income tax?   Texas, Tennessee, New Hampshire, Florida?

if you are doing that well day trading, why on Earth do you want to get into real estate?  In day trading you get return OF investment and return ON investment immediately.  Try that with real estate.  And at end of day, you have all your capital back, no matter what event may happen.

As for electing Trader status, vs. Investor, you will have a hard time if you are getting a W2.  And realistically, the only advantages are the ability to deduct current losses as ordinary income.  But you are making money, so there is no advantage.  The other advantage is the ability to deduct operating expenses?  What expenses?  Pro-rate office at home?  

Back to your day trading success, if you are doing that well, why not sell your expertise?  Start an online subscription service where traders can see your trades in real time?  I 'd pay . . .,

As for real estate, you have a nice W2 and day trade income, why mess up your life?  If you like real estate for the long term, by an ETF invested in REITS, such as Vanguard and/or Fidelity.

As the say in Texas, "if it ain't broke, don't fix it!

Well, be sure he doesn't miss a filing deadline if it's in your agreement.  Or ask for a refund.

And you can always file a complaint with the Texas State Board of Public Accountantcy.  My license is from them, and they are pretty tough on CPA's who don't measure up.  

Leave a phone message that you will file a complaint with the TSBPA if he does not respond quickly.  Here's the URL:  How to file a complaint  

Mind you that's only for licensed CPA's.  I don't know how you file a complaint against an Enrolled Agent.

[As I learned in Vietnam during the War:  Xin cam on!]

Keep in mind that we get touchy when asked to do professional work with no short term prospect of getting paid.  So, if you engage a new CPA, ask him to review your prior year returns, recommend strategies, etc, but don't expect to pay him until next April, well, you might not get your calls returned.  By contrast an attorney will barely say hello without an upfront retainer.  I'll bet if you requested a $1,000 retainer, and he agreed, you'd get your calls returned.

Why not stay in Brasil?  The cost of living is probably a lot less.  The food is great, the women are beautiful, and you are educated and bi-lingual.

Here is a truism:  you get what you pay for.  You want a $200 tax return.  That's what you will get.

IRC §1031 (h)

(h)Special rules for foreign real property

Real property located in the United States and real property located outside the United States are not property of a like kind.

IRC §1031

I am in NY Metro area.

Check with the title company.  It is likely that the transaction will be reported on Form 1099-S https://www.irs.gov/instructio...

That's where you start. Although it's evident that you are the Owner.

Keep in mind that NYS does not have any special tax rate for capital gains.  It's all ordinary income.  Be prepared to make payments of estimated tax when you get the proceeds. IT-2105.