All Forum Posts by: Lance Lvovsky

Try searching the forums for local tax advisor or you can also speak with other colleagues in your area for a recommendation. Good luck.

There are about a dozen or so CPAs on the forums. You can try searching on the forums/website or reviewing the various profiles and see who you think may be a fit for you. You can also ask other investors in your network for a referral.

There is no step up on basis on IRA assets. In a traditional IRA that is fully tax deferred, all distributions are taxed as ordinary income based on fair market value.

Perhaps the sellers CPA can be more creative and structure the sale as a liquidating distribution which instead of being taxed as a dividend is considered a stock buyback. 

Good quality bookkeeper will cost you money. Unfortunately most investors do not factor this into their projections for business cash flow. A “cheap” or not good bookkeeper will cost you more from a tax return preparation perspective. Your CPA will be spending time fixing the books. 

What kind of tax needs do you have? IRA and charitable tax planning?

Based on your net worth, you may want to work sophisticated tax and estate planner who can provide you with what you are looking for. There are few good tax professionals  who can really understand planning and help you with your overall goals. A high net worth individual should have a life book and a gift and estate planning program in place and an understanding of how current and future tax laws may affect them. 

The loan amount is not part of cost basis.

Yes, refinances to increase cost basis. One must carefully analyze the closing statement to properly account for this. For example, title charges, transfer taxes (if applicable), government recording charges. Loan finance charges are capitalized and amortized, and in turn, would reduce any gain as well. 

With respect to state tax losses from a K-1 you are receiving, and if you are filing as a nonresident in that particular state, not all states allow passive loss carryovers. Some states for example start from Federal adjusted gross income, others start from federal taxable income, and yet others start from their own computation. Because of differing state tax laws, not all states will allow nonresidents to have carryovers. Therefore, you must speak to your CPA to inquire your state's tax laws where you may have filing exposure and whether it makes sense to file.

Lastly, if your CPA is charging you $180 per state tax return... that is rather cheap. But you do need to understand whether it makes economic sense given what I said above.

There are a few CPAs on here with experience in alternative investment funds such as real estate syndications. You can start your search using the online directory. There are also good resources on the website for you to reference such as blog posts etc.