All Forum Posts by: Lance Lvovsky

@Chad Whitman

Agreed with Eamonn. Not income although it is a reduction of a future expense of the tax when you pay it. So the economics of the transaction is that you do show less expense, and as a result more income when the time comes to pay the bill.

There are several accounts on here who specialize in that area. @Eamonn McElroy does some work with international investors.

Thanks @Brian Garrett for the mention. 

@Sumir Janwani Let me know how I can help.

@Sean Johnson

Yes I am biased, but you need a CPA who understands real estate and can provide ongoing tax planning for your investing.

@Mukul Lalchandani

There are a number of CPAs on these forums working with investors. Many of us work with clients remotely so locality is not an issue. My recommendation is schedule calls with 2 or 3 and ask the questions that are most pressing to you. Hire you think will best look after your interests. Good luck.

@Steven Zai

You will have to file an Ohio nonresident return for any income the rentals generated as that is sourced to Ohio. Certainly you have to file a NY resident return since you life in NY.

I will let an attorney answer your other question.

@Efren Barriga

I feel like I may have seen a CPA on the boards from Texas. Other alternative is to hire a remote based CPA. That can work for you too.

@Bryan Findlay

Have you tried searching on here or asking local investors for referral recommendations? I am not sure how many CPAs you will have to choose from in your area (respectively it’s not a Miami/NYC, etc.)

@Patrick M Nichols

I saw you edited your post to clarify your position.

Need to be careful with CA tax laws they are far reaching. Doing business is broadly defined in CA. Furthermore, apportionment rules can subject some or all business income to tax.

@Tom Schnugg

There are a number of CPAs on here. You may want to move quickly on hiring someone. It is mid February and we are slowly getting bogged down.