All Forum Posts by: Kurt Pourbaix

Thanks, good to know.  Hopefully it will go away.

Under the Corporate Transparency Act, LLC's are required to file a Beneficial Ownership Information (BOI) Report. When a child LLC (disregarded entity) is used to hold each property, and all of the tax reporting is done on the tax return of the parent entity, does each individual child LLC need to file the BOI Report, or only the parent LLC? There seems to be some disagreement about that. Does anyone have specific reference that gives clarity to this situation?

We need recommendations for a real estate attorney to help with the settlement of a home in a separation.  Location is in Brooklyn NY.  Thanks for your help.  

What door lock do you use for your Airbnb/VRBO?  I understand there are locks that open with a code you send to your guest's cell phone and it will unlock the door during their stay, then deactivate.  Does that system work well?  Are there other, better alternatives.  Please share links to specific locks that you find work well.  Thanks for your help.

@Nicholas Aiola - I am using Drake software, and it does have fields for inputting personal use and fair rental days on fomr 8825 so it seems like it should compute the allocation, but it doesn't.  When I asked tech support, I got that answer that she "cannot find anything that supports form 8825 being subject to personal use/fair rental days" which didn't sound right to me.  We were both over 10% and over 14 days, so it should do the allocation.  I wanted to check with you in case I was mistaken and there was some rule that applied to form 8825 that I didn't know about.  I guess I will need to try again and hope I get a different tech.  Thanks for your help.

Hey Nick (@Nicholas Aiola)

I thought that expenses on a vacation rental need to be reduced by the ratio of personal use days on form 8825 when personal use exceeds 14 days or 10%.  The tax software is not computing it (it is deducting 100%) and the support tech said that she "cannot find anything that supports form 8825 being subject to personal use/fair rental days".  Is she right, or is there a problem with the tax software?  Thanks for your help!!!

Apparently since 2012 it has not been necessary to prepare 1099-MISC's related to rental activity unless the activity is a trade or business. See this article:

www.taxcpe.com/blogs/news/1099...

What do you think - do landlords need to file 1099-MISC's? And does it make a difference if the rental activity is within an LLC?

Sounds like a great program. Were you able to get the loan in the name of an LLC, or was it your personal name? If your name, do you then quit claim the property into the LLC?

I use Century 21 Northwest to Management my rental in Buckeye.  https://c21northwest.com 

Thanks - Can you recommend a good source for a Land Trust template?