All Forum Posts by: Kevin DeVargas

@Carson E.

Hi Carson,

I've worked with many Real estate clients.  I would recommend the following you may or may not be doing all of the following.

*Have a separate credit card dedicated to business transactions

*When buying supplies for multiple properties in one day ask the cashier to ring them up separately. 

*Write down on each receipt the street number of the home it pertains to.

*Give your accountant online access to the CC account. 

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

Thanks. 

@Nick Dillaha

Hey Nick! 

I love Dave Ramsey and a big fan of his, my with and I even took his course as part of our church. I agree that consumer dept should be avoided but dept has been an always will be a useful tool to invest. 

I had the same conversation with my mortgage representative. She stated the following "If you pay off your car you will increase the amount of loan you qualify for." 

I'm guessing the loan is 5 years. You will probably qualify for at least an 50k more on a home loan. I would ask the loan provider if you have one to give you the scenario of either case. I hope this helps let me know if you have any other questions. 

Thanks. 

@Jason Turgeon 

I divide business and personal property for my clients all the time. Can you just ask you Accountant to separate the two for you, I don't see this as being an issue as it's very common

@Eamonn McElroy Your statement is accurate there is not evidence on the thread. I based my comment on Ryan's profile stating he just lunched his business not the tread and if he does not have a home office he wont deducted it. No harm in confirming. I will not be commenting further on this topic. Thanks. 

@Brian Dudash,

Good question Brain,

I normally recommend comparing last years earning and tax dept to get an estimate for this years tax liability. 

It sounds like you could use a tax plan strategy to figure out what structure would by the most beneficial  

@Micah Hensley

Why not both? Most brick banks also have excellent online services. Find once in a while its good to be able to talk to your bankers in person. Other times its nice to do your banking from your cellphone. 

@Ryan Deasy

Congratulation on launching your company! Also want add make sure your accountant deducts the home office expense and the millage from your home office to your other office. I'm sure you have many more deductions make sure you get them all!! 

Thanks,

Kevin De Vargas, CPA

@Michael Jackman,

I personally have not worked an Opportunity Zones property but I do have clients that have. From our conversations the tax deferring strategy has been great and excellent margins. 

One of the downsides are the areas in which the properties are located. The locations can be intimidating for some. During our group discussion one member steered away from the area and another young lady took on the project. She made over $400K on the deal.  

From what your writing it appears to be a great opportunity. 

@Alejandra Tena

Hi Alejandra, 

An LLC is a good starting point especially if you planning on purchasing more homes in the near future. I also recommend separate bank account and credit card dedicated to the business.

@Jason Tugeon, 

Hi Jason,

Sorry to hear your frustration. You're right neither Quickbooks nor Quicken have this option set up but it's still possible with both software's. I'm an accountant and I separate properties all the time in Quick-books. i do this be creating different accounts for each property. 

For example; $1,000 pay 40% percent is personal and 60% is business. I would book the $1,000 and in the general ledger  400 would be allocated to personal $600 would be allocated to business. 

Let me know if you have any other questions. 

Thank you and have a blessed week.