All Forum Posts by: Natalie Kolodij
Natalie Kolodij has started 63 posts and replied 3635 times.
Post: Start Up Costs for ADU - Expense/Asset Deduction?
- Tax Strategist| National Tax Educator| Accepting New Clients
- Posts 3,749
- Votes 4,499
It's all capitalized.
The lives may vary- land improvements are 15 years
Furniture is 5
But structural/main build components will liekly be 27.5
Post: TAX SEASON! - RE & INVESTOR FRIENDLY TAX ACCOUNTANT REFERALS PLS
- Tax Strategist| National Tax Educator| Accepting New Clients
- Posts 3,749
- Votes 4,499
Florida has no state tax, so a local accountant won't have any ..extra expertise needed.
Just notes: If your AGI is over $150k rental/passive losses will be suspended, so cost seg won't create deudcitble losses in all situations.
I'd recommend reaching out to @Steven Hamilton II or @Jake Hottenrott and see if they're still accepting new clients this season.
Post: Accountant Needed for filing Taxes.
- Tax Strategist| National Tax Educator| Accepting New Clients
- Posts 3,749
- Votes 4,499
I think @Nicholas Aiola is NY based
Post: Is HELOC interest tax deductible?
- Tax Strategist| National Tax Educator| Accepting New Clients
- Posts 3,749
- Votes 4,499
Look up IRS interest Tracing.
Post: Texas or virtual CPA with "out of state" real estate experiance
- Tax Strategist| National Tax Educator| Accepting New Clients
- Posts 3,749
- Votes 4,499
Even CPA's who aren't virtual work with clients in basically every state.
Lots of local clients own businesess that operate in multiple states, rentals in multiple states, move, ect.
And your state has no tax- so it doesn't even have a special set of filings to handle.
Post: Tax strategies on first rental property
- Tax Strategist| National Tax Educator| Accepting New Clients
- Posts 3,749
- Votes 4,499
Quote from @Puja Devi:
@Natalie Kolodij does this mean that I will be able to claim closing costs i.e. property taxes, insurance, mortgage interest for 2022 taxes even though I made all payments (and prepayments) in 2021?
Am I eligible for any kind of write offs at all for 2021 taxes?
No all those expenses are accounted for whne the rental goes into service
Post: Looking for Accountant for my businesses
- Tax Strategist| National Tax Educator| Accepting New Clients
- Posts 3,749
- Votes 4,499
Traner Smith is Seattle based and is a great firm wiht a REI specialized partner.
Post: Bonus Depreciation Year One Question
- Tax Strategist| National Tax Educator| Accepting New Clients
- Posts 3,749
- Votes 4,499
Did your CPA analyze the impact of filing separately?
Funded all retirement accounts?
Is the other half a short term rental?
Post: Is partner capital the total capital we have invested over time?
- Tax Strategist| National Tax Educator| Accepting New Clients
- Posts 3,749
- Votes 4,499
This needs to be tracked year to year and is part of why partnership tax prepation is more than just filling out the forms.
Capital, Basis, Inside vs. outside, loss limitations.
Loans are loans
There are new reporting requirements for 2021 but it always should have been tracked
I'd recommned utilizing a tax professional.
Post: STR Accounting IRS Structure Question
- Tax Strategist| National Tax Educator| Accepting New Clients
- Posts 3,749
- Votes 4,499
Quote from @Mitch Davidson:
Sage advice, @Jake Wiley, @Natalie Kolodij, and @John Underwood. I agree that ultimately, liability comes down to title not what entity shows on a permit or even tax returns. If titled in your person, I don't see the benefit in running through a corporation, and actually can't see how that won't just be more cost and labor. If titled in an S Corp though, there could be some tax savings, but the additional CPA expenses wouldn't likely be worth it until your gross income for the S Corp was substantial.
Another thing to consider. If you title and operate the home through an entity, you'll likely have less DTI benefits for future loans. When calculating your DTI, we (lenders) add back a few more write-off categories for Schedule E than we do for 1065 or 1120S.
There actualyl won't be any tax savings by using an S corp for a rental.
And could be HUGE negative tax implications.