All Forum Posts by: John Duston
John Duston has started 5 posts and replied 203 times.
Post: Depreciation Recapture in 2021 or 2022?
- Accountant
- Santa Barbara, CA
- Posts 213
- Votes 66
Originally posted by @Basit Siddiqi:
@Account Closed
No one on this thread can help you unless they know all the information such as your income level, deductions for 2021 / 2022. Your CPA will likely have the best answer for this.
I second this.
Post: South Florida CPA recommendations?
- Accountant
- Santa Barbara, CA
- Posts 213
- Votes 66
Are you set on finding someone local as FL doesn't have an income tax so there are any state-specific complexities?
Post: Value of tax accountant/preparer with real estate specialty
- Accountant
- Santa Barbara, CA
- Posts 213
- Votes 66
Depends. Search now if you want tax advice before you go in. Otherwise buy the real estate and then find a CPA; any tax savings will be icing on top
Post: Out of State Investing? File a tax return?
- Accountant
- Santa Barbara, CA
- Posts 213
- Votes 66
If you buy with the PA LLC, file as a foreign entity in NJ. Your account can get back to you on NJ filing requirements and if you'll need to file there.
Post: Schedule E AND Schedule E for rental income
- Accountant
- Santa Barbara, CA
- Posts 213
- Votes 66
When people file both, it is typically for a mixed-use property ie. a long-term rental with an attached short-term rental. This doesn't sound like that's the case.
I can claim the mortgage interest and prop taxes etc. on Sch c against the Airbnb income there.
Sounds like you need to talk to a CPA.
Post: Is it worth creating an LLC just for wholesaling?
- Accountant
- Santa Barbara, CA
- Posts 213
- Votes 66
Originally posted by @Bryan Sturman:
I'm not sure if it would be more beneficial to keep all money earned from wholesaling properties separate from my income from my everyday job.
Keep your finances separate regardless of whether you set up an LLC or not. Get a bank account and card for your wholesaling business. Your accountant will thank you come tax season. An LLC is a tool for liability protection.
Post: Basic Differences Between a CPA and Bookkeeper
- Accountant
- Santa Barbara, CA
- Posts 213
- Votes 66
A big one too is that a lot of CPAs are not set up to do bookkeeping at a competitive price.
Also, it really helps to have two people so there are two sets of eyes to fix any mistakes.
Post: Multifamily tax question in New Jersey
- Accountant
- Santa Barbara, CA
- Posts 213
- Votes 66
Typically Filing Joint will have a lower tax burden regardless of whether you own a house or not.
Post: CPA and Lawyer in Houston
- Accountant
- Santa Barbara, CA
- Posts 213
- Votes 66
I have connections in Austin.
Post: Agent said not to worry about cash flow and consider tax benef
- Accountant
- Santa Barbara, CA
- Posts 213
- Votes 66
The tax benefit is the icing on the cake. It isn't even available to a large number of people due to income limitations.