All Forum Posts by: Natalie Kolodij
Natalie Kolodij has started 63 posts and replied 3635 times.
Post: Game room tax write off (str)
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Yes- all 5 year assets. Bonus qualified.
Post: Does anyone know a tax and investor friendly CPA in Virginia?
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Happy to help if you have questions.
Post: Looking for a cpa in Delaware county
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If you're looking for someone real estate specizliazed there are several tax pros here on the forums who work with clients all over the country. You can also talk to some remote professionals as well and see who you fit best with.
Post: Effect of tax changes on real estate investors
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The 1031 was cut on everything except real estate by the last admin- Don't count on it existing forever. Have multiple strateiges.
Post: Looking for a CPA or tax strategist
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Most tax strategists work remotely- You may be better served by finding someone specialized vs. local to yourself.
There are several here on the forums who you'll note as top contributors on the tax area. Look into a few and see who is a good fit for you.
Post: Private DIY Qualified Opportunity Funds
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This situation exceeds the scope of forum advice.
Very few tax professionals even know Op zones well- I'd seek out someone who does if this is something you're looking to seriously pursue.
Post: Can I write off the purchase of a vehicle for tax purposes?
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Originally posted by @Laura Marks:
As of October 1st, 2021 you'll be able to also get the tax back from gas purchased. It's personally not worth it to me but may be for you to save receipts for a few hundred $$.
This is a Missouri program
Post: Can I write off the purchase of a vehicle for tax purposes?
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Originally posted by @Amy Raye Rogers:
@Natalie Kolodij This is a perfect answer for me! We did acquire 5 SFR rentals this year as well. Do you think those depreciation schedules will eliminate my gross income tax burden from 100k in commissions? I'll be more diligent at tracking my mileage next year. Thank you!
Depends where you are/types of homes. Especailly stacking with renovation bonus depreciation and bonus depreciation from a cost seg it's definitely possible.
Work with a REI specialized tax pro to discuss the big picture and strategy.
Post: Entity Structure and Tax Planning
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Originally posted by @Gerd Conner:
@Catherine McCoy -
Are you local to John?
I am looking for this exact thing, but I reside in Texas and have an STR in Florida.
Everyone that I've reached out to does not exactly give me a 'warm and fuzzy' that they know what they are doing, you know?
Your description of John's company sounds like it's what I am really looking for.
Thanks!!
You're dealing with two states that have no state tax.
Find a REI specailized tax pro from here on BP vs. someone local so they're specialized in what you need.
Post: Can I write off the purchase of a vehicle for tax purposes?
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Originally posted by @Amy Raye Rogers:
Thank you for the responses. I am chatting with our CPA as well. I must confess, this was my first year as an agent and I was much more successful than I expected... Unfortunately, I didn't track mileage at all so I was hoping a vehicle purchase would make up for my poor record keeping. Also, can mileage and and the purchase be combined? I'd like to get to 0 tax liability.
You can't combine them.
You get to deduct EITHER a standard rate per mile (about 58 cents it changes year to year)
OR
Actual expenses
-depreciation
-gas
-insurance , ect
But for Actual expenses as well you need to track your mileage because unless you have another vehicle and this one is ONLY used for the business- you can only deduct a percentage of those expesnes. You need to know how many miles driven for personal vs. business use to figure that ratio out.
The way to get to $0 tax as an agent is to own rentals that generate losses on paper. Not by spending money on thigns like a vehicle which are actual cash outflows. You don't want to just spend money, to have less money, to pay less tax.