All Forum Posts by: Javi Chipi

Why are you putting real estate into an S corp? Are you a house flipper? Be careful putting properties into corporations I'm not saying it's always a bad thing but it can be.

My advice is don't limit yourself to just South Florida. Plenty of knowledgeable CPAs on BP. Florida has no income tax so it's not hard for out of state CPAs to help you. Have a phone call with a CPA (not just emails back and forth) tell them your facts and discuss a price. Negotiate a price you are comfortable with that has an overall ceiling. You don't want some accountant sending you endless bills for work you don't even know he's doing. I'm happy to consult with you or point you to another CPA. I work at a larger firm and for some clients we are a great fit and for others we may not be but I can least tell you who in this area is a reputable accountant. It's a great time to be a client because there are so many choices.

These guys are too good. Don't forget to check out the de minimis safe harbor rules though. Hadn't seen that brought up yet. It's not section 179 but it can come in handy.

Putting "rental properties" in an S corp can present a lot of problems. Putting flips in an S corp is usually better. You need to review how debt basis works in S corps before putting real estate into an S corp. meet with a CPA to avoid a nightmare years later. It is worth the quick consultation.

Apologies I mean flippers use S corps (I wrote LLCs because I think you intended to make an S election on an LLC).

If you are not a flipper then you probably shouldn't put real estate in an LLC. You need to read the debt basis rules of S corps vs Partnerships. This will help you understand. If you do not know then you should use the SMLLC and meet with a CPA or lawyer. Getting real estate out of an S corp can sometimes be a nightmare so be careful with that.

South florida seems like an expensive market to me but I guess you can find deals anywhere.

Not contracting anything the previous poster said just trying to supplement it.

Right but when you convert a personal residence to a rental property I believe you do so at the lower of cost or market value. You may want to double check that aspect of it. You can change a personal residence to a rental property making it eligible for 1031 in the future though that is possible.

I would like to attend.