All Forum Posts by: Bruce D. Kowal
Bruce D. Kowal has started 37 posts and replied 273 times.
Post: Seeking Private Letter Ruling from IRS
- Metro NY + New Bedford
- Posts 276
- Votes 197
Twelve months would be in the ballpark. A PLR is not a casual matter. It better be factual. There is a procedure to expedite the PLR: Expedited Handling of Letter Ruling Requests . I did one of these some time ago. Figure on a minimum of 30 to 40 hours of time charged by your CPA. It will cost you not less than $15,000.
Post: Trying to avoid paying heavy capital gains taxes all at once!
- Metro NY + New Bedford
- Posts 276
- Votes 197
Loan any money to someone in the past? That non-business bad debt will be a short-term capital loss. Also, if you have any other worthless investments, now's the time to declare them worthless. Again, a short-term capital loss.
Post: NY Attorney Recommendations for LLC Creation
- Metro NY + New Bedford
- Posts 276
- Votes 197
Make sure you and the attorney are aware of the publication requirement for LLC's.
A tax client of mine is a real estate broker for Corcoran Group. She recommends Jason Zegans The Zegans Law Group
The Broker is Victoria Kennedy: Victoria Kennedy
Post: Flipping/Investing in MA
- Metro NY + New Bedford
- Posts 276
- Votes 197
Quote from @Brian J Allen:
@James Roche @Jason Regan As another agent working exclusively with investors in WORCESTER, MA only I see the deals are few and far between. Yes there are deals in every area, but they are slimmer in Worcester then any time prior.
I feel that the BRRR my have run out with interest rates rising so it is hard to get your money back.
I see a big push right now with people trying to buy things that are on the market in advance of even further pull back in Supply.
Those people who typically want to trade up are simply holding their assets because it is becoming more expensive to replace those properties due to the run up in Rates.
Keep in mind rates are still historically low, but investors are very price sensitive. They will search for new projects, but often will not release the ones they already have.
How about Springfield / Chicopee?
Post: Taxes for an LLC owned by foreigners
- Metro NY + New Bedford
- Posts 276
- Votes 197
Quote from @Coralie Fernandez:
Good evening everyone !
Is there anyone here who is a foreigner and has created an LLC to invest in real estate ? How much do you pay do to your taxes ? I bought a condo last year, and it was rented only 3 months. I calculated and I have more expenses than incomes. I contacted a CPA and he offered me to do my taxes (as well as the other member of the LLC) for 1600$.
I found it very expensive considering I have more expenses than incomes! Is that the regular price ? Do you have any contact ? I really don't want to spend that amount of money to declare 0 lol.
Many thanks for you help !
Post: New Bedford Market - Downtown
- Metro NY + New Bedford
- Posts 276
- Votes 197
Quote from @Brian Ellis:
Quote from @Bruce D. Kowal:
I have an office in a Co-working space in New Bedford. Groundworks. The City definitely seems poised for take-off. Not sure about Fairhaven, yet.
Post: 1031 Exchange - Question on 45 vs 180 Day Deadline
- Metro NY + New Bedford
- Posts 276
- Votes 197
Quote from @Dave Foster:
@Daniel Newman, if you're within the 45 day identification period any property can be identified or gone into contract on. Once day 45. passes only properties on the list may be used. And the list may not be changed after day 45.
In this market we're counseling our clients that they need to think of the 45 day identification period as more of a 45 day contract period. If you're not in contract for your new property by day 45 your chances of completing a 1031 exchange go way way down.
And remember it's fine to actually get a contract for your new property before your old property closes. You simply have to close the sale before you close the purchase of your new property. Selling your property is easy. Finding the replacement not so much. So take care of the hard job first.
Dave, do you ever recommend a Delaware Statutory Trust for people who are running out of time?
Post: Creative legal Tax advice
- Metro NY + New Bedford
- Posts 276
- Votes 197
You will pay tax at ordinary income rates to NY State, that's for sure. NY source income. Non Resident income tax return.
Post: Do you need multiple QuickBooks accounts
- Metro NY + New Bedford
- Posts 276
- Votes 197
Quote from @Dominique Pradel-Lewis:
Do you have:
- Multiple EIN - with one property in each EIN, then use Simple Start for each EIN
- Multiple EIN - with multiple properties in each EIN, then upgrade to QuickBooks Plus, where you can track your Profit Loss and Balance Sheet by Property
- One EIN: with Multiple properties, then upgrade to QuickBooks Plus, where you can track your Profit Loss and Balance Sheet by Property
@Gita Faust great info. If I want desktop should I do pro plus or premier plus? And how many properties can I have. I tried to speak to customer service all they want to do is sell me the online stuff.
I have no few years of experience with QB. I DO NOT recommend the online version. It is limited in its ability to do multiple classes etc. But the main drawback is that it's all in the Cloud. Not easy to backup your files to your PC. A better route is to use the Desktop version hosted by a company such as RightNetworks. You can back up the program to your PC, and still have remote access. I well remember Hurricane Sandy here in the Metro NY area. Very scary when all of your files are in the Cloud and you lose power and the internet for days at a time. Terrifying. Int**t likes the the Online version because it's monthly revenue for them.
And lastly, Int**t is simply very poor with giving you a live person to help you. Someone who speaks clearly. And without going through a lot menus and handoffs. If there were a replacement I would jump. But they have the field to them selves.
And there is nothing wrong with a spreadsheet. Go through the bank statements and pick out the expenses applicable to your property and log them. KISS
Post: 1031 exchange - looking for CPA to help filing 8824 Form
- Metro NY + New Bedford
- Posts 276
- Votes 197
Check out this link. It gives a good blow by blow of how to do this:
Download the workbook.