All Forum Posts by: Kevin DeVargas

@Callum K. There are no prepayment penalties. 

@Frank Rossi It's very important to have your expenses will documented, you will also have to request the to be forgiven and the banker will evaluate your support and confirm if it meets the expenditure and support requirements. 

@Lisa Gauff,

I Lisa, I've assisted multiple clients with SBA disaster loans and also applied for the loans myself.  From the PPP, SBA and 10K Grant. I noticed a trend individuals that live in more heavily effected areas such a New York are already receiving payments and smaller banks are responding quicker than larger banks. This just my observation not a fact. Let me know how I can help you. 

Thanks, 

Kevin De Vargas CPA. 

@Shashi P.

Good afternoon Shashi,

I would like to congratulate that “someone” for making nearly 1.5 million in profit. I would highly recommend talking with a qualified tax professional to create a tax strategy and plan for your “friends” business, it would take time to review all of the options that you have available. A strategy should pay for itself by 3X’s.

“Please tell me how EXACTLY someone can buy and accumulate real estate non-stop and pay no taxes due to deductions. Or low tax. Because real estate purchase are an investment and not a business investment.”

In reference to your question. Many business owners have a mix of a trade business and also invest in real-estate. You can invest in real estate and create strategies to avoid and reduce taxes on the income created by the Real estate investments.

Good luck I hope this helps

@Alex Freelove,

Hi Alex,

That’s an excellent question. The tax laws are constantly changing and you will probably find both answers on the internet. The exemption was once a ONE TIME exemption but that has changed. Now you can take advantage of Section exclusion every two years.

According to the information you provided you should be in good shape as long has you live in your home 2 out of the last five years.

Let me know if you have any further questions.

Thanks,

Kevin De Vargas CPA

@Vin Sun 

I had a client that had a similar situation. He had me reach out to the hard many lender to get the interest expense for the year. We received an excel sheet and used that as support. We cant force them to provide is with 1099. I hope this helps. 

@Matt B.

Hi Matt,

I agree with William, they signed a binding contract and you have the legal right. But I’ve learned to find the gray area in these situations and find mediation.

Can you place another ad and quickly find another renter?

Can you ask them to help you help them and get another renter? It is there responsibility.

I hope this help let me know if you have any other questions. 

Thanks. 

@Account Closed,

Hi Ben,

We have that option here on Bigger Pockets. You can even place pictures of the home on the app. Look under the tools options. I hope this helps. 

Let me know if you have any other questions. 

Thank you. 

@Didier Bizimungu

Congratulations on getting started! Make sure the accountant contract know to deduct the portion of the home that will be rented out and they understand what portion of your home expenses can be deducted. 

I hope this helps, let me know if you have any other questions. 

Thank you. 

@Richie Stephenson,

I’ve been blessed to meet amazing accountant on the Bigger Pockets forums.

• *Give them call, if you can’t meet them face to face there’s nothing like hearing the persons energy on the other line,
• *Ask real estate related questions.
• *As @Michael PLaks stated browse the forums.

Good luck! 

@rehaan Khan,

To answer your question. The best way would have been to talk with an accountant before the transactions have occurred. That you could have structured the deal in such away that you limit you tax liability.

The accountant’s fees should pay for themselves.

Let me know if you have any other questions. I wish you the best!