All Forum Posts by: Lance Lvovsky

I am not immediately familiar with New Mexico's laws on deeds and conveyance of real property, perhaps a NM attorney can chime in. However, you also want to make sure what information NM's Secretary of State lists for LLCs on their corporate online database. For example, in many states, managers are listed. As such, if the same applies to NM, and you are the manager of your LLC, one can find you, if they really wanted to..

@Aaron Zimmerman

Might be better posting in the non - tax forum a question like this.

@Joseph M.

That is unacceptable. There are a number of accountants on here. Consider reaching out to 2-3 and speak to them. You need someone who is responsive and can advise you. Waiting 7 weeks is not acceptable.

I always recommend clients have separate partners' capital accounts on the balance sheet. Every partner in an LLC taxed as a partnership should be tracking capital accounts on the financials. In addition, tax basis capital along with partners' outside basis should be tracked annually (generally done by the CPA handling the partnership tax returns).

@Ricky Solon

Yes.

Your understanding is correct. If it is indeed a fix and flip, there is no depreciation.

I have shared this with clients, and then thought some of you may benefit as well. This applies to only properties in the City of Fort Lauderdale.

https://www.fortlauderdale.gov/home/showdocument?id=45945

You may consider helping your tenants complete this application. In turn, you may get paid for past due / upcoming rent.

Take care and stay safe.

@Eric Tran

It depends. It may seem to make sense, but another question must be asked. One must review whether the taxpayer can use passive losses, if you are not materially participating and a real estate professional for tax purposes. Section 469 is where you start. Or, ask your CPA.

@Ivan Brito

Do you need financing or will you use all cash? Do you have your operating agreement in place? Do you understand the economics of the transaction and how money should flow in and out? Do you understand the accounting and tax issues? Just some questions you should be asking and hopefully getting answers from your advisors.

@Gaurav Mehta

There is no cap on investment property for deducting property taxes.