All Forum Posts by: Cameron Skinner

If you set up an LLC with more than one member, (other than your spouse)* IRS automatically makes you file a partnership return form 1065, unless you make a special election for the LLC to be treated as a Corporation for Tax purposes.

* depending on your states marital property laws a married couple may or may not have to file a separate partnership return if they co-own an LLC and can just report LLC income on schedule E or C on their Joint 1040 tax return.

Hope this helps 

Good luck!

Always look for a licensed tax professional, I like to say "some one with some letters behind their name."  Your correct to make sure they specialize in real estate and ideally own investment real estate themselves. Make sure they are willing to work with you on planning and tax strategies, because a good account will always save you more in taxes than you will every pay them in fees.  I suggest you get a price and fee structure up front.  You might want to listen to interview with me on podcast show 168 as we touch on some Tax Strategies, and show 196 with Brandon Hall has a lot of good info.  Anyway I'm not taking on new clients, but if you send me a private message I can send you some referrals

Always look for a licensed tax professional, some one with some letters behind their name, not those national franchise firms. Your also correct to make sure they specialize in real estate and I would insure they own investment real estate themselves, because I would want someone who lives and breathes it.  The tax code has just gotten to big to go to the guy down the block who tries to do everything.  Make sure they are willing to work with you on planning and tax strategies, because a good account will always save you more in taxes than you will every pay them in fees. You might want to listen to interview with me on podcast show 168 as we touch on some Tax Strategies. Anyway I'm not taking on new clients, but if you send me a private message I can send you some referrals

Hope this helps good luck

If I were you I would reach out to @Dmitriy Fomichenko see if your investor qualifies to set up a Solo 401K and then roll the retirement funds into the Solo 401k as it is by far the best "retirement plan" available for real estate transactions.

Hope this helps,

Good luck!

@Liz Ridgway and @Bart H.  Always look for a Licensed tax professional, some one with some letters behind their name, not those national franchise firms.  Also always make sure they specialize in real estate and ideally own investment real estate themselves.  Make sure they are willing to work with you on planning and tax strategies, because a good account will always save you more in taxes than you will every pay them in fees.  You might want to listen to interview with me on podcast show 168 as we touch on some Tax Strategies.  Anyway I'm in FL but not taking on new clients, but if you send me a private message I can send you some referrals

hope this helps, Good Luck   

@Adam Beckstetdt Lots of variables with cost segregation if you private me I can help you figure out if it would be worth while.

@Lem Diaz unfortunately this is one of those vague rules where IRS looks at "total facts and circumstances" they usually look at where your registered to vote, receive bills, what you put on public documents etc.  They also considered where you keep and maintain your personal belongings.  If she truly lived there, I would take deduction and not worry about it, because in the event of an audit you could always get friends and family to verify it was her primary residence.  This rule is really designed to catch that doctor or lawyer, trying to claim their vacation home 2 states away as their primary residence, when they sell it for a big gain, not to exclude a legitimate deduction as in your case.

Hope this helps,

Good luck!

@Justin Eaton how do you report your current LLC for taxes? For example on schedule C, s-corp?

I noticed in your profile you may be constructing units, IRS allows the "cost" approach, I touched on this on podcast show 168. Even if your not building if you private message me, we can connect I can get some details on specific situation and try and point you in the right direction. 

Good luck!

@Account Closed the tax code has just gotten so huge you can't just hire the guy down the street who tries to do everything. Always hire a licensed tax professional who specializes in real estate, someone with some letters behind their name not those franchise firms, and I would always prefer someone who owns investment real estate themselves. A good Accountant who works with you on planning and tax strategy will always save much more than you will ever pay in fees. Also always request a price up front. You might want to listen my interview on podcast #168, we touch on some tax planning topics, while I'm not taking on any new clients if you private message me I can give you some referrals.

Hope this help, Best of luck!