All Forum Posts by: Lance Lvovsky

Carlos Alger while in a community property state it is true a husband and wife can file as a Disregarded entity, in all other states, a husband and wife LLC must file an Entity tax Return, generally Form 1065 or 1120S.

There are quite a few CPAs on here. I recommend you interview several CPAs. A lot of us work remotely with clients, but ultimately you need to choose the CPA who you are most comfortable with and who you believe will be able to help you with tax/estate planning, not just tax compliance.

If your CPA said you can commingle personal and business funds, it is time to find a new CPA. Find someone who invests in real estate too

The answer is it depends. With that being said, for most people, married filing jointly is the way to go. Consult with a CPA.

I agree with the other posters here. A good CPA will provide you with tax planning advice that will far outweigh the costs of preparing the tax returns. It is one thing to prepare tax returns but another thing to provide planning advice. Don't get me wrong, tax compliance is very important. But by having your CPA do both tax compliance, and tax planning with you, you put yourself in the best position to succeed financially.

As the units are not the same size, squatter footage is the way to go. As mentioned above, I would consult with a CPA. Doesn't have to be local CPA but if that's what you want, then certainly do what's comfortable for you.

Your financial planner of course wants you to invest in more stocks since that is where presumably he earns commission. I would honestly look for a good CPA who invests in real estate as they will actually be able to advise you on real estate investing while also taking into consideration financial planning. That is my two cents

As mentioned above, find a good CPA to assist you with your taxes. To answer your question, generally, before your property is put "in service", expenses must be capitalized. In service is when the property is advertised as available for rent and it is ready to be rented out

Definitely get with a CPA who can advise you accordingly. With that being said, yes, interest on a HELOC generally is deductible on Sch A (there are some limits to this, but this is the general rule). What most people don't know is that interest on a HELOC tied to your primary investment can also be deductible on Sch E or against pass-through income under the interest tracing regulations. This can get complex, so find a CPA who invests in real estate and they can advise you.

As Scott said, no matter if you look for someone local or not, make sure they are a CPA and also invest in real estate. Feel free to reach out with any questions.