All Forum Posts by: Kevin DeVargas

@Carl West,

Most banks provide similar services but difference lies on the relationship your able to establish with your banker. I'll be surprise on how many favors they'll do for you when they get to know you.  I recommend a brick and mortar bank that has a strong online presence. Why not have both face to face interaction and strong electronic banking. 

@Account Closed,

A Limited Liability Partnership would fit you needs bases on the information given. But to give you a better response I you would have to give me more information on your future goals such as will you and your brother continue to purchase properties together? 

@Ruben Correa

Hi Ruben! 

You have an excellent question and perfect timing, before you actually did the transactions. 

If properly planned you can sell Home A and keep 100% of the income tax free! 

To qualify for the Residence test Both spouses—or a single taxpayer if he's not married—must have lived in the home for at least two of the last five years preceding the sale to qualify.

@Thomas Staub

Your in the right place, most accountant on the Bigger pockets forum specialize in the Real Estate niche and can provide you with strategies that pay for themselves. I would look are there post, qualifications and reach out to them ask questions to get a feel for them and verify their experience.  

@Michael Delmont, 

Make sure you Record your expenses in the year they have occurred.

@Gariner Trinidad and @Account Closed

There are always exception's to the rules. You may or may not qualify but you never know, I hope this helps. 

*If you or your spouse qualify as a Real Estate professional 

"To do so, you our your spouse must spend over 51% of your time (and at least 751 hours) working in real estate businesses each year and materially participate in your rental activity."

 *If your AGI is under 100K you can deduct up to 25K each year. Remember the is a difference between your AGI and Income. 

Thanks. 

@Adam Rasmussen your in the right place to find a Real Estate Savvy accountant. 

"do you think I need to use a CPA with only 1 property or should I save the cash and do them myself? what questions would you ask to determine if a CPA is real estate savvy?"

An accountants services should pay for themselves. I would consult with an accountant to make sure you have the right entity structure and would also so tax planning. You done want to sell a property and pay capital gains and then realize that it could have been avoided after the damage has been done. 

Make sure the accountant you select provides tax strategies and that you feel comfortable talking to them because you may be on the phone with them on a monthly basis. 

Let me know if you have any other questions. 

Thank you. 

@Aaron Seelbinder

"I need a little help on approaching investors." 

I think you have a great plan. To add to your approach I'm taking an educated guess that you're getting the land at a great deal, after the hurricane Puerto Rico's economy have been steadily recovering and will continue to be on the rise. 

Your buying low hanging fruit. 

@Oleksandr Ivanovskiy,

Where you able to find a good I agree with Natalie. With today's technology we're able to work very efficiently remotely and save time on the commute. Even local accountants are going virtual.

Let me know if you have any Real Estate Tax questions or tax planning questions. 

@Errol P. 

Your in the right place. There many accountants that specialize in real estate.