All Forum Posts by: Lance Lvovsky

@Carlos Fontoura

Contact @Eamonn McElroy

@Bruce Lynn

Depends on the kind of business you are getting into. IRAs can be great for certain investments, but not all. I for one generally do not recommend clients put rental property in an IRA. Primarily because of depreciation but there are other tax reasons as well.

@Joseph Vu

Is it an actual gift? Depends how you structure it. If he will be made whole upon a triggering event, then doesn’t sound like a gift

@Edgar Lopez

If you did not receive rent income because you waived it for tenant, then no you cannot. Unless you are on accrual basis of accounting. Most landlords are on the cash basis of accounting.

@BJ Marshall

Consult with a business attorney for the non tax (legal) issues and to address them.

@Chris Mathe

Certain cities here require that for rentals. Not all cities do.

@Michael Plaks 

For the record, the engagement with Polatin was completed.

The client asked for additional out of scope work, at which point, the client was told a new engagement letter needs to be signed along with a retainer to be paid in. We do not render professional services for free, and when the client did not want to pay a retainer for professional services, the relationship ended. The client's allegations that I was rude are completely false. 

For the record, the engagement with Polatin was completed. 

The client asked for additional out of scope work, at which point, the client was told a new engagement letter needs to be signed along with a retainer to be paid in. We cannot work for free and when the client did not want to pay a retainer for professional services, the relationship ended.

@Sam Dal

Generally, answer is no. But there is a longer answer which basically is analyze the K-1s with your CPA to see if it makes economic sense to file. What can be economic sense? A number of things such as how much withholding (refund) you may be able to claim if you file, what are the amounts of losses, does the state in which you file allow loss carryforwards, etc. Some states begin with Federal AGI and others don’t so CPA needs to carefully analyze each state law.

@Paul Ortiz

I know an abundance of attorneys.