All Forum Posts by: Bruce D. Kowal
Bruce D. Kowal has started 37 posts and replied 273 times.
Post: How to use real estate to offset personal income
- Metro NY + New Bedford
- Posts 276
- Votes 199
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!
Post: Is it unprofessional to request 21 filing over next 30 days?
- Metro NY + New Bedford
- Posts 276
- Votes 199
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!]
Post: Is it unprofessional to request 21 filing over next 30 days?
- Metro NY + New Bedford
- Posts 276
- Votes 199
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.
Post: Help me please! I know nothing of finance.
- Metro NY + New Bedford
- Posts 276
- Votes 199
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.
Post: Explained: How CPAs charge you (and why)
- Metro NY + New Bedford
- Posts 276
- Votes 199
Here is a truism: you get what you pay for. You want a $200 tax return. That's what you will get.
Post: CPA with international real estate experience?
- Metro NY + New Bedford
- Posts 276
- Votes 199
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.
I am in NY Metro area.
Post: Who gets the profit on sale of property
- Metro NY + New Bedford
- Posts 276
- Votes 199
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.
Post: Is this a lawsuit I can bring against the agent?
- Metro NY + New Bedford
- Posts 276
- Votes 199
Quote from @Chris Seveney:
Quote from @Lauren C.:
Yes, that is what is so frustrating here- conflicting data. I've seen 8 feet min width and 80 Square feet area, and I've see 7 feet min and 70 square feet. I was told it's a gray area in terms of what the local agents who regularly buy and sell in my neighborhood say. If someone told me that in their professional opinion it's a gray area as to what a bedroom is, but ultimately THAT is an intentional falsehood because the legal definition is always considered to be cut and dry, I don't know if it's reasonable to think I could refute what they're saying, as a non-licensed person.
It IS my fault, ultimately. And the fact that it's a cooperative is also a factor. It's just not the same as a house. The square footage is not even considered to be official.
Regarding a lawsuit, I would not waste the $ as what are you suing for? If the appraiser agreed and the appraiser came it at the value or near the value you paid, then I find it very hard that you can argue something different. Another option would be to get another appraisal done, but I think you are looking for issues, sometimes its best to let sleeping dogs lie.
Post: Anderson Advisors - C-Corp
- Metro NY + New Bedford
- Posts 276
- Votes 199
Wait until you have completed the Plan. But here's what I don't understand: You have disposable income to buy real estate, yet are claiming relief from creditors. If you can do that, you should write a book.
Post: Hi, I’m looking for a CPA that’s familiar with solo 401 (k)
- Metro NY + New Bedford
- Posts 276
- Votes 199
Does a Solo 401k Have the Same UBTI Rules as a Self Directed IRA LLC?Quote from @Alicia Prokos:
Hi,
I have set up a Solo 401k and am in the process of funding it with enough money to make my first investment. I might disagree about the simplicity. While you may not need a CPA, I think it would be a wise move to go to one of the financial custodial companies specializing in Solo 401ks to help you set it up, or at least educate yourself about these types of accounts before you open one. In my mind, there are a lot of rules that could easily trip you up and disqualify your plan/ account. I am a customer of Quest IRA, but there are other ones such as The Nabers Group, Sense Financial, and My Solo 401k that I am familiar with (but unaffiliated).