All Forum Posts by: Michael Plaks

@Harrison Biddulph

Good luck with your plan, although the timing is bad. Hard to refi anything today. Also hard to collect rent.

As to my belt, although a real one in one of the composite Korean styles, Kuk Sool, it is simply part of my "Black Belt in Real Estate Taxation" branding.

They did a great job obscuring the price. On the front page, it says "Our DIY cost segregation software only costs $1500 with an optional $300 audit security plan..."

I had to click on the "Get started" to see that the actual SFH price is $495 + $195

@Jesse Unrath

Not sure what the Canadian equivalent is, but here in the US the saying is "have your cake and eat it, too." :)

With your method, nobody would ever have any taxable income, since the money is always set aside for something. Which I like as a theoretical concept, except I personally would need another career.

Hard to argue for a high value of carpet that was discarded right after purchasing the house. But yes, you can deduct its value.

@Lee Ripma - what do you pay them?

@Ben Smith

If you decide to hire an accountant, there're 20+ of us contributing to this forum. Browse the forum and contact those who you like.

That said, right now is an absolutely crazy time. We had to move our offices and our employees to work from home, and now we have to learn the new laws about the government stimulus money and new tax laws from the CARES act signed just days ago. And then guide our clients thru the urgent decisions and loan applications.

"Busy" is an understatement. I would not expect instant responses from any established accountant right now.

@Philip Johnson

Companies that provide this service will gladly provide you a sample. Ask @Yonah Weiss.

@Sebastien Dessureault

May I ask why you decided to transfer the title? And what makes you sure that this is a C-corp? Have you ever filed a tax return for this business? If yes, what is the number of the first form of that tax return - 1120, 1120S or 1065? 

If it is indeed a C-corp (Form 1120) - then it was a questionable advice, and it might have unpleasant consequences. Please explain what was the intention and whether any drawbacks were discussed/considered. Also, how the transfer itself was executed.

I cannot point you to a definitive source confirming my opinion, but I believe that the definition covers any income on which you pay self-employment (Soc Security / Medicare) taxes. Schedule E is not qualified, I'm pretty sure. But we shall see how the banks will interpret the rules.

Landlords should apply for the EIDL loan, not the PPP grant.

https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources