All Forum Posts by: Lance Lvovsky

@Lucien Gautreau

From a tax perspective, you want to consider purchase price allocations. For an rv park, you want to maximize allocations to campgrounds/land improvements for depreciation purposes, along with other tangible property. Consult with a CPA.

@Stephen Gregory

Bonus depreciation does not apply to real property. In other words residential and commercial. Had that been his answer then I would say he is correct.

Separate books and records for each Series LLC. You can leverage an accounting/bookkeeping program such as QuickBooks to assist in generating separate financials for each entity.

@Jason Sinclair

As Natalie mentioned there are a handful of CPAs in both areas you are looking for who represent clients such as yourself. Reach out to 2 or 3 and request an initial call and then hire who you think will best look after your interests.

@Brad Taylor

Speak to @Steven Hamilton II

@Buddy Patrick

Trusts take many different forms. Placing an asset in an irrevocable trust provides protection but important implications to understand as well. Do you want to gift it or not? If you want to retain income, then probably not. Is it going to be a grantor Trust for tax purposes or non grantor? There are grantor trust powers that can be included in the document. You need to speak to a CPA and legal counsel before proceeding.

@Brian Garrett Thank you for the recommendation!

@Bruce Gardner

It’s time to consider a new CPA firm. Sure we are all busy but I never say no to a client who has a tax planning or tax consultation question. I also have the benefit of a deep team so that certainly helps. Maybe your CPAs team is not deep - not that this is an excuse for him.

@Joshua Brodnicki

It is possible. From a tax perspective, there may be additional filing requirements such as partnership withholding forms and the Canadian investor having to file annual income tax returns as well. It would be ideal for you/them to have a CPA who can provide guidance on tax issues.

@Manny Franco

Was there a mortgage payoff? Selling expenses? The 1099 is gross sales price not net cash received.