All Forum Posts by: Lance Lvovsky

@Rich Ortega

Equity hits the balance sheet. Capital contributions will give you basis to possibly take losses but then you have the at risk rules and passive activity rules to keep in mind.

@Larry Middleton

I would clarify that I would deduct the conference. The travel... it depends. Ask your CPA what the rules are surrounding deducting travel expenses. You may or may not be able to deduct the full amount.

@Larry Middleton

I would deduct it.

@Greg Rowan

Generally flipping will be taxed at ordinary income rates. However, speak to your CPA to see whether your situation is actually a flip or a short term investment.

@Ann-Marie Vargas

There are several on here or you can speak to local investors if you need a local CPA.

@Sunil Chauhan

I can put you in touch with some lenders.

@Derek Smith

What was said above is correct. Also the Treasury will take the position of substance over form. In other words, what is the economic substance of the transaction? And what is the non tax reason for the transaction? In short, your idea does not work.

@Dylan Hagen

I would try searching the BP site

@Damien Rance

You can. You need to consult with a CPA experienced in cross border taxation. You need to understand the requirements of entity planning, obtaining ITIN/EIN, making sure all tax filings (federal and state) are being filed, etc. The US has various tax treaties and so you definitely want to make sure you are being advised on this front too. Good luck!

@Joe R.

You can’t deduct purchase price but you can depreciate. Certain other annual expenses can be deducted such as taxes, insurance, etc. as mentioned above, speak to your CPA.