All Forum Posts by: Michael Plaks

@Maria Anderson

"...he is going to make too much money this year that he might have to sell the house at a loss." does not make sense. Making too much money is never a reason to sell something. We would need to know a lot more about your family member's situation to understand his tax advisor's comment, as well as the full context of the comment.

@Account Closed

It does not. The dealer status is what you do, not how you are structured.

@Robert Fields

Your thinking is off if I understood you correctly. Basis and gains are per asset.

Whatever you do with the real property, whether or not it changes the basis, that basis belongs to that real property. It will only matter when the real property is sold.

You cannot take basis from an unsold real property and add to the basis of sold stock.

The most common term is "tax strategist" or "tax advisor." There're 20+ of us contributing to this forum. Some are CPAs, some are EAs (Enrolled Agents) and some are attorneys.

Look around, see whose knowledge and personality you like and reach out.

@Curtis Lewis

Tax attorneys are usually not needed unless you're taking the IRS to court

I hope that nobody procrastinated until the last minute, as Saturday August the 8th is the deadline to apply for PPP loans.

But if you are eligible and have not yet applied - this company has been efficient and is still accepting applications:
https://www.bluevine.com/

Disclaimer: I'm not involved with them in any capacity

@Anita Smith

Tony Nitti is one of the top tax authorities in the nation, but I doubt that he has a private tax practice. Maybe I'm wrong.

This board features 20+ experts in real estate taxation. We specialize in issues like yours. So, if you cannot become a client of Tony Nitti, search on this forum.

@Joseph Alvarado

Plus one for @Steven Hamilton II

She is biased though :)

False. One totally could go wrong with me.