All Forum Posts by: John Duston

@Matt Stemen

It doesn't cost 3k got a tax return with 4 rentals...

Might want to get some more quotes.

@Michael Higgins

Your title has ISO. I that reference to ISO stock options as those and AMT make huge difference in the return

@Daniel Burke

Lol no they're not.

@Michael Hammer

Buy tons of real estate, become a real estate professional, get rid of your income with depreciation. Thier formula is simple. Finding a solution to your personal situation is the hard part

@Tammy Mason

Show him the details of the 7k as to what it was for and the dates. Then you can have a discussion on how to treat individual items

@Mindy Ma

Can you deduct property taxes?

Only partially.

Currently there is a State And Local Tax (SALT) limit of 10,000. Your likely already taking that up with state income taxes for federal.

You can take the interest on 750k of principle for federal which will push you to itemize.

For CA, the standard deduction is less than half of that of federal and the SALT limitation is not relevant (though the state income taxes can't be deducted). The amount of principle you can take interest on is also higher

@Vashist Dhanani

A few years ago I went to a local event that had a panel with three tech people and the head of the largest brokerage in town. She, the broker, wiped the floor. The tech has a very long way to go and buying a home is a very emotional charged decision.

As a CPA, I hear all the time that my role is becoming obsolete with the likes of TurboTax. Those who say that know nothing of my business or how I'm leveraging the same exact technology to improve my business. I think you'll get naysayers in any industry and will find a way to continue.

That said, I'm hearing from a lot of agents who are struggling to get deals right now

@Jeff Graybeal

You only have to worry about income tax if you have income which in the current market after accounting for appreciation and repairs with the new rental is a bit hard. Going forward it's just a simple out-of-state filing that a lot of CPAs can hand.

LCS are just simply one tool in a lot of whether or not you should use it is dependent on your personal circumstances and you really seek out a professional rather than a forum for answers on that.

First person talk to the real estate broker. If you want to ask CPAs and lawyers tons of very specific questions you should be making money so that it's worth your time to ask questions and pay for the answers

@John Graham

I work at a CPA and I'm not aware of any firms that specialize in that. Often times I can look at a return and just tell something wrong right off the bat but most the time the devil is in the details and to actually compare and contrast to CPAs you need a full return prepared.

@Giedre Basov definitely ballpark your income and expenses and file an extension. No CPA going to do taxes on the short of a notice if they are that's an issue in of itself...