All Forum Posts by: Christopher Smith

You can look into a DST as a 1031 backstop if your identification period deadline is getting close.

I had a debt collector harassing me years ago. I didn't owe anything, but I had sold my car to someone who racked up several thousand in parking fines and then promptly disappeared so they tried to flip the charges back on me as I was the only one left with money to collect.

I called an attorney who sent them a cease and desist letter along with a warning that they would be liable for substantial damages if they ever contacted me again (and we would sue if they did). Worked really well and it didn't cost me anything.

If you're genuinely making money on your rentals (i.e., they are profitable AFTER depreciation) you should be paying some additional tax.

I would think that just about any CPA could handle capital gain tax issues and any of the associated planning duties. The bigger take away to me is for everyone to make a much more through analysis of property economics upfront so transacting in and out of properties is totally unnecessary. 

In other words, you've made such a quality driven decision upfront that you don't need to sell because you already have a top shelf long-term money making machine, this goes for all classes of assets. Also, it will help cut down on the frequency of having to pay transaction costs which are incredibly high for real estate investments. Costs that can easily suppress significantly long term investment yields.

real-close clients = all time spent is billable and collectible

You will need to find an authoritative legal text specifically on Florida Probate administration to do this right. Probate Court personnel are typically not very helpful, they will generally tell you to either retain an attorney or you're on your own. While it may sound a bit rude, they can't dispense legal advice so it's really understandable.

If it's subject to Summary administration it won't likely be too complicated, but you're still going to need follow your local probate court procedures. 

I had to probate a moderately complex estate and did it without any legal assistance. I obtained a West Law text on probate administration for attorney's that don't specialize per se in Probate law. It was basic enough to be fully comprehensible yet authoritative so all suggested legal document wording if followed closely and adjusted as needed for the facts was accepted by the Court.

First time "per se" is not the determining factor distinguishing a trade or business activity from an investment activity, it's intent. Based upon the above as best I can ferret out your intent, it sounds as if you have two active businesses, that would be both taxed as such (i.e., neither is truly holding the properties as investments).

I did a simultaneous exchange about 10 years ago now. Just coordinated the swap to have the legal documents effecting the swap notarized on the same day same time at local attorney's office (in CA) and bank (in OH). No QI, no cash involved. Did need to file on both returns as a related party 1031 exchange, but that went through without a ripple. 

Sounds as if you should probably have been reporting this as a partnership from the beginning, and treat the contributions of property accordingly. Presumably you will be treating the LLC as a partnership?