All Forum Posts by: Lance Lvovsky

Yes I do.

It is not hard. You should engage with a professional CPA firm to do it for you.

I recommend working with an IRS Certified Acceptance Agent who can certify the documents for you without you having to mail the originals. The turnaround time is also significantly quicker.

@Bonnie Johnson

There are a number of CPAs on here. I suggest reading through their bios and speak to a couple and then see who you like best.

@Fabiola F.

There are several CPAs on here who can assist you. Kudos to you for seeking out someone who knows real estate and trust tax law.

As for an attorney referral, I am happy to refer you to some attorneys.

@Shan Vincent

I am sure there are a couple on the boards. Do a search. Or ask other local investors.

@Corbin Jones

Agreed with what was said above. Use 1 CPA who can advise in both areas.

@Asher Knudson

Quite a few on here may be worth reaching out to a few to see if they are a good fit for you.

@Ben Whittaker

The LLC would have an interest deduction which can reduce taxable income. But you have other issues that needs to be explored - what kind of trust is it (US or foreign) and is it grantor vs nongrantor trust. Consult with a CPA regarding the trust tax laws.

@Nicholas Kitchen

You can’t expense a building in full. However, you can do a cost segregation study and certain assets can be expended in full under bonus depreciation for example, resulting in several hundred thousand dollars of depreciation expense in year one. This depends on the results of the study.

@Mitchell Rubinstein

You will need to make sure you have your operating agreement and business plan setup. From a tax perspective, keep in mind state tax exposure. You are in CA, so you already have CA state tax exposure at your personal level. If the partnership is investing in real estate in other states, there may also be additional state tax returns to be filed at partnership level.