All Forum Posts by: Havital Miltz

Forgot to mention, most accountant, myself included, have a secure portal to upload documents, many of the documents come in electronically anyway, so it really is very easy

More and more people are working with remote tax accountants, with the amazing technology we have today why not work with someone your feel comfortable with from the comfort of your own home ?

Please stop with the propaganda. 

any federal government employee that took the buyout isn't going to be collecting unemployment,  I'm not sure where you get this 4000 number. 

Again,  regardless of political affiliations, these stats are very questionable to say the least.  Stats regarding home sale prices are also very premature, houses aren't flying off the market in a few hours like they did in 2022, houses are sitting for a while now.

You have here people that work in real estate and in the DC market that are giving you more accurate numbers and stating that its premature, one is stating home prices contained to go up.

The OP may be a bit premature, the current Administration, regardless of your politics, has been in office for less than a month, stats about Real Estate do not come out min-month.... 

Normally you would set the LLC in the state where the property is.

You have no tax benefits for setting up an LLC, it is more a protection from lawsuits and going after your personal assets, however not a guarantee....

As a husband and wife you do not need to set up a partnership - IRS has special considerations for married couples for self employment, you could also apply that for a rental...

Hope that helps

I'm not an attorney,  but I believe you need to take out permits prior to doing the work. I'm surprised someone verbally told you you can convert back to a duplex and didn't tell you that you must get permits.

from what you are describing it seems the town gave you a hard time because you didn't get permits, I don't know that you have any legal standing to go after the town,  again, I am not an attorney 

Hi there

According to IRS guidelines, once a property is ready and available for rent, meaning after you completed the renovations. you would  be able to deduct expenses. 

snce this was your main home,  the tax accountant you will use will need to do a conversion from personal residence to a rental for depreciation purposes. 

the improvement you made, depending on what they are, may be added to your basis

hope this helps

Honestly looking at your situation I'm not sure I would recommend you do the taxes yourself,  change of accounting method (F 3115) isn't easy for someone that hadn't done them before 

these online software companies make things seem easier than what they are, they are good for less complex situations. 

After trying to work with various realtors over the years, I am normally unwilling to commit to one or the other, I will sign representation for each property they show me.

Unfortunately I have had, over the years, too many realtors that don't know as much as I would like for an investment in the 6 figures.

Recently I asked on a FB group I am part of about a commercial realtor in this area,

I interviewed the one that came highly recommend. She actually was a junior attorney in the closing of my house and decided to no longer practice law and become a realtor instead,  her legal knowledge is extremely helpful.

When you are buying you can use my strategy. 

When you sell, interview as many as you need until you feel very comfortable with the one you decide to work with.

real estate is a big investment, and for me it's long term, I don't want to have buyer remorse because someone isn't as knowledge as I like.

when I was younger,  I was more willing or less experienced,  today I want the same level of knowledge as I offer when I help someone with their tax planning or when I prepar their taxes.....

Show me your high level of knowledge,  you are hired.

@Kaaren Hall after seeing your post i called them right away, their fees are extremely high for an HSA that for the most part most people don't have a lot of money in.

I max my HSA every year, but if you have a self only plan you can only put about 4k /yr  and if you have some medical bills it's less.

they are also very restrictive on taking money out, and no CC to pay the doctor. 

prior to speaking with them I was extremely excited to see this opportunity you suggested,  but after my conversation I'm no longer...

I will look for other options now that I see there may be some, so thanks so much for bringing it up.