All Forum Posts by: John Duston

Sounds like you're really looking for a CPA to do a multifamily tax return. A good number of those CPAs can also do take care of any withholding that are necessary. The Canadian should have his own CPA for his personal return as they will just have to deal with one foreign K-1.

Short answer is yes.

The long answer is that the interest follows the use of funds. In your case we would allocate the interest between the 5 existing mortgages and for the extra $150,000 that you took out, it would be deductible on the business ventures. In this specific case that is likely more tax advantages which often isn't the case with interest tracking.

We can still claim start-up expenses just not in the current year.

If you have 5 rentals, an interest allocation, and a new business venture, I think it is well past time to get in touch with a CPA

1. Just talk to them to get a feel for if they have an understanding for your situation. 

2. If they have experience with real estate investors

3. If they can accommodate your future growth.

4. Pricing and fee structure.

I'll have to check if I know any CPAs in Dallas. 

Nexus

@Donna Williams This sounds like a very expensive structure and one that you would have to tread lightly with. The two main issues I see as a CPA is 1st large setup and yearly costs and 2nd if you're a CA resident you'd have nexus here and have to register the entities here regardless of whether you have income sourced from CA or not. Anonymity is very hard to achieve as a CA resident and even harder when you're running your own business.

Are you looking local or open to remote CPAs? There are tons of CPAs on here who can help you with taxes for single-family rentals on these forums.

I know a good financial advisor in Thousand Oaks/West Lake Village.

Depends upon what state and county you are in but sometimes county assessors have an incentive to put extra value on the land. This is because if something were to happen to the building or it was decommissioned for construction for a period of time their tax base would be lower. 

The number you have is your starting point. What you actually take as land and building may varry.

@basit siddiqi is in NY