All Forum Posts by: Janet Behm

Melanie,
Great title for your post!

You got my curiosity going.

I am smiling. 

I am watching for more of your posts. I am following...

Bette,

Great piece for REI's.

Like all IRS stuff, there are sublties, so I refer folks to IRS 587, for MORE information than they really want. ha ha

REI's BLINDESIDED Over New Fed Rule

The Feds put a new law in place. The intention is to prevent money laundering and funding terrorists. 

The Corporate Transparency Act (CTA) requires most small businesses to report the personal information of the beneficial owner's to a special unit of the U.S. Treasury Department. 

PUSHBACK

This law unfairly targets small employers (>20 employees). Besides REI's question why they must report personal info to a crime-fighting agency when we contribute to the community with safe and affordable housing.

LEGAL CHALLENGE

There is a lawsuit challenging the law. But it looks like you better be prepared to comply.

Non-Compliance is $500 per day. So, we encourage you to play-the-game.

WHAT TO DO?

The American Institute of CPA's (AICPA) is advising employers to file the Beneficial Owner Information (BOI).

Bette,

My husband got an appraisal on a single-family home. He wanted the appraisal to be high for a loan.

The county had a much higher valuation.

He went with the appraisal and his charm.

They accepted the appraised value and adjusted the tax bill.

Julio,

I am encouraged by your insights. 

Every circumstance is unique. Thank you for itemizing some circumstances that don't work as well with a Cost-Seg study.

Ronald,

My experience is very positive with improved properties. 

May be worth a go with vacant land...

Go to the County Assessor's webpage and look for: 

HOW TO FILE AN APPEAL (THEN FOLLOW THE RULES)

Contact the county assessor. 

Take all your documents and research.

Present your case. Accept their decision. 

Good Luck!

Julio,

You are my go-to expert in this area.

What an unusual combo:  good with words AND numbers.

Devin,

Just a warning about checkbook IRAs: Self Dealing Activities will get your entire IRA disallowed and you will have to pay the tax on all your money.

Self Dealing Activities are frighteningly easy to do.

Do a Copilot search for "Problems with checkbook IRA plans."

Be humble--Be careful. 

Good luck, Janet, The Real Estate Strategist

Krishan,

Excellent plan.

You are looking for locals who have done what you are proposing and give you guidance. 

Go to internet search for a local chapter of Real Estate Investors Association (REIA pronounced REE uh).

search for National REIA then search your area.

भगवान में जाओ  Janet

Nate, Usually the Fed wants you to pay tax on capital gains. When you liquidate the asset. Capital gains is the increase over your basis (in essence, what you paid for the investment [basis] and how much you profited upon sale).

The money you pay toward you bills, has usually already been taxed somewhere along the line.

ALWAYS check with you tax pro. EVERY investor's circumstances are unique.