All Forum Posts by: Natalie Kolodij

Reach out to @Jake Hottenrott 

@Jake Hottenrott

Firm is hottenrott and associates, long time BP member, CPA, REI specailzied, also an investor.

https://www.upcounsel.com/s-corp-termination-tax-return#:~:text=After%20the%20status%20has%20been,at%20the%20fair%20market%20value.&text=When%20a%20business%20receives%20cash,on%20that%20transaction%20is%20easy.


https://www.thetaxadviser.com/...

If Mutliple tax pros disagree with one I'd go with the majority. 

But just to be safe- hire your own. 

You're pretty spot on- People CONSTANTLY are mad when they buy REI for tax benefits only to find out there aren't any in the direct way for thier sitaution.

If your AGI is over $150k- you can't use those losses each they (they do accumualte and carry forward, but if your rental makes a $10k loss you can't just count on your income that year being $10k less) 

The exception is RE pro which is not obtainable for most couples who both work w2 jobs. Or with only one rental (even if all someone is doing is managing the properties- likely won't hit the 750 hours requirement) 

But yes people shouldn't buy rentals for tax benefits until discussing what THEIR tax benefits would be with a professional first . 

LLC is not needed to write off a vechile.

LLC doesn't provide any more tax write offs/ deductions than without one - The LLC only provides potential asset protection so consult with an attorney. 

For a vehicle you can write off either mileage or actual expenses- so talk to your tax pro to see which will be a better write off  for you. 

For a lot of poeple if you keep cars for a few years and don't trade in annually- mileage ends up being higher over the course of a few years. 

You can rent the home for 3 years from the date you move out and still qualify to sell it tax free. 

If you're open to working remotely there are several regular REI tax pros here on BP who contribute regularly, and work with clients all over the US.

I would recommend talking to a few and seeing who you click with.

Michael nailed it. 

There are IRS qualifying "exemptions" such as moving over 50 miles away for work, ect 

That allows a proratio of the max gain you're allowed to utilize

Any CPA's who say that time counts are incorrect. 

It's been clear that research doesn't qualify as qualifying hours 

I believe @Nicholas Aiola is local to you