All Forum Posts by: Lance Lvovsky

@Connor Donovan

You’re not wasting the loss as it is suspended and carried forward to future years. Depending on your facts and circumstances you may consider having a conversation with your CPA whether you qualify for a real estate professional election. If you were to qualify, those losses can generally be taken in the same year.

@Nathan Olds

I can make some recommendations to south FL attorneys.

@Alberto Mazatan Trevino

I am in the area. There are many investors from south florida.

@David Kuhlke

You don’t need to work with a local CPA. The most important thing is working with one that has the expertise you require and certainly a relationship you can trust. Benefits of working with a local one is if you want face to face meetings, then local is the way to go. Potential drawback is locally there may not be one that is a good fit for you. All depends.

@Milly Bishop

Horrible advice from them. No surprise.

@Jeff Harvey

I can refer you to attorneys.

@John Blanton

Number of partners is less relevant than the type of business, whether any partnership allocations need to be done, waterfall allocations, any accounting adjustments booked, etc. Without knowing the facts, it is hard to say for sure. But $2,500 is definitely not expensive.

@Lewis Anderson

There are a number if provisions that may be available to you such as foreign earned income exclusion and foreign housing exclusion. Does your company also have a tax equalization arrangement. You cannot escape US federal income tax so long as you are a US citizen. Speak to a CPA.

@Jessica Franco

There are a number of CPAs on here. It is tax season but reach out to a couple and see who is willing to take you on. You may need to file an extension.

@Andrea Weule

Qualifying as a real estate professional for tax purposes requires meeting multiple tests. This is a complex area of the tax law in addition to the test I mention also require something known as material participation. I have clients for whom I have filed this election but it requires a conversation and careful planning with documentation.