All Forum Posts by: Natalie Kolodij

@Jake Hottenrott is in the KC area. He's a REI specialized tax pro, long time BP member, investor.

I'd start there. Excellent CPA. 

So a home can be listed for rent when it's technically "in service". 

That means ready and available for rent. 

The personal use days box is only utilized if you live there some days/ rent some days. Like a vacation rental, or one you moved out of mid-year. 

If you wanted to list it on your 2021 taxes (you'll only have expenses, no income) you'd list about 45 fair rental days (assuming it was ready for rent mid november)

If you are open to working virtually there are several REI specialized tax pros here on BP who work with clients all over the US. You can check out the tax forums and read some feedback they've provided and see if one would be a good fit for you. 

Your flipping will be ordinary income tax reported on schedule C.  

All of your income earned in a specific state will be taxed by state, then your home state should provide a credit paid for that tax amount. 

I'd strongly recommend working with a REI specialized tax pro who can do accurate estimates for you/ help with the tax planning side.

Most professionals work with clients all over the country- finding someone who knows REI is the top item. I'd suggest reaching out to @Jake Hottenrott or @Steven Hamilton II as a starting point. 

I would recommend looking through the Tax forums here on BP and reviewing some of the content from the REI tax pros on here who've contributed. See if someone fits your needs, most work with clients all over the US.

As mentioned above you need to be hands off related to that property. 

I'd recommend reaching out to @Steven Hamilton II for a great REI specialized tax pro. He works with clients all over the US and can ensure your IRA is operating appropiately.

If you're open to working remotely there are several great REI specialized tax pros here on BP who work with clients all over the country. I would recommend looking at the tax forums and seeing who contributes/ matches up with your work style and reach out to a few to see if someone is a good fit. 

Tax planning is a different engagement than tax preparation. 

Tax preparation can be obtained more affordably but ongoing/good tax planning takes time and the price point will be higher. 

I would recommend reaching out to a few of the REI specialized CPA's here on the forums and seeing if any one hits a middle mark/ price point that works for you. 

I literally had a T shirt made that says 

"No Rentals in S corps" 

There's a reason why. Talk to your CPA. 

S corps don't help with rentals, and do create potentially huge tax issues. 

I'd sit down with a good REI tax pro and attorney on this.

A Delaware Statutory trust or a TIC structure are the only way for a 1031 to qualify on a syndication type deal.