All Forum Posts by: Bruce D. Kowal
Bruce D. Kowal has started 37 posts and replied 274 times.
Post: California proposes additional 25% tax for flippers
- Metro NY + New Bedford
- Posts 277
- Votes 199
How does this increase the supply of "affordable" housing? It's just another tax.
Post: Do nonresident rental losses affect resident state?
- Metro NY + New Bedford
- Posts 277
- Votes 199
Quote from @Seidy Lasker:
@Randall Alan
Sorry, my question wasn’t clear. I am talking about state taxes, not federal taxes. Federal is cut and dry. I am wondering for state sections for part year residents of 2 states, if the federal rental losses would flow down to where the rental is located for part year residents and nonresidents. I know if it was just federal and 1 state, then everything from federal flows down to state but it’s different when there are part year returns and nonresident returns.
You are on the right track. It's a question of sourcing the income for the period of time when resident and non-resident.
Post: I'm 22 and have $300xxx, What should I do?
- Metro NY + New Bedford
- Posts 277
- Votes 199
Go to medical school.
Post: William “Bill” Noll
- Metro NY + New Bedford
- Posts 277
- Votes 199
Good Grief! That's a long time for one man to talk, and for everyone to listen.
Post: How much do you pay for cost segregation studies?
- Metro NY + New Bedford
- Posts 277
- Votes 199
Quote from @Nicholas Fehr:
I've reached out to three companies who perform cost segregation studies and only received a response from one of them, despite my attempts to follow up with all of them. I received a predictive analysis which outlines a potential for $260,000 in bonus depreciation for my $1,425,000 property. The estimate for the study itself is coming in at around $7,500. Even though this is tax deductible, this seems like a lot to pay. I can afford to move forward with this, but wondering if anyone in the community has any input here. How much do you typically pay and how responsive are they? Would gladly accept A+ recommendations!
Offhand, how many hours do you think it will take to do this? Maybe 30 hours? And more than one person involved. Plus write the report? Here's a link where the nuts and bolts of this stuff is discussed.Making Repairs Work For You
Post: Question regarding LLC formation for a Short Term Rental
- Metro NY + New Bedford
- Posts 277
- Votes 199
Alabama LLC, in order to get the protection from creditors and others under Alabama law. If you want the protection offered by Alabama courts, then you need to register the LLC under Alabama law. (Caveat: I am not an attorney)
Post: Can a mechanics lien be placed on a property I don't own?
- Metro NY + New Bedford
- Posts 277
- Votes 199
I am not an attorney. But if you were a renter, and you had work done by an electrician, for example, and you failed to pay the electrician, he would place a mechanic's lien on the property, holding you as an Agent of the Owner. That is my GUESS. Not a lawyer, as I said.
Post: Philly Tax accountant
- Metro NY + New Bedford
- Posts 277
- Votes 199
Go to website for PA Society of CPA's. Philly Chapter. Real Estate Subcommittee. That's a great start.
Post: Can Anyone Recommend an Attorney in NYC?
- Metro NY + New Bedford
- Posts 277
- Votes 199
Boy, there are a lot of real estate lawyers in NYC! Ask your real estate broker, or the bank lending officer for a recommendation.
Post: CPA in Cincinnati Ohio
- Metro NY + New Bedford
- Posts 277
- Votes 199
Go to website for OH Society of CPA's. Cincinnati Chapter. Look at Members of the Real Estate Subcommittee. That's a start.