All Forum Posts by: Natalie Kolodij
Natalie Kolodij has started 63 posts and replied 3635 times.
Post: AZ taxing of out of state property income
- Tax Strategist| National Tax Educator| Accepting New Clients
- Posts 3,749
- Votes 4,499
Originally posted by @Ashish Acharya:
Originally posted by @Natalie Kolodij:
Originally posted by @Ashish Acharya:
Originally posted by @Scott Anderson:
Anybody know if AZ taxes my Arizona LLC if it owns an out of state income property and how that would actually work?
If it's a 'loss', and I'm "double taxed" in AZ and the other state, does that actually help short term?
When/if I sell is there anything I need to know?
BP removed my post. it was not even self-promotion. I am glad it helped.
I'm not who removed it- but any links to your personal pages/youtube/IG ect are considered self promotion on BP.
Unless it's a link to an official BP article/video that you did it's promoting your own brand.
Thank you for the info, Nat!! Are we close enough for me to call you that :)?
You know it's funny- I was just telling someone how people either decide I'm Nat or Natalie like..day 1. I've had new clients start off with calling me Nat. haha
Post: AZ taxing of out of state property income
- Tax Strategist| National Tax Educator| Accepting New Clients
- Posts 3,749
- Votes 4,499
Originally posted by @Ashish Acharya:
Originally posted by @Scott Anderson:
Anybody know if AZ taxes my Arizona LLC if it owns an out of state income property and how that would actually work?
If it's a 'loss', and I'm "double taxed" in AZ and the other state, does that actually help short term?
When/if I sell is there anything I need to know?
BP removed my post. it was not even self-promotion. I am glad it helped.
I'm not who removed it- but any links to your personal pages/youtube/IG ect are considered self promotion on BP.
Unless it's a link to an official BP article/video that you did it's promoting your own brand.
Post: Passing Real Estate To Your Kids - How to Structure
- Tax Strategist| National Tax Educator| Accepting New Clients
- Posts 3,749
- Votes 4,499
Talk to a planning attorney.
Trust would be your best tool. Do NOT transfer directy to kids now or the properties lose the stepped up basis when they pass. That's how you as the on inheriting can essentially sell the asset tax free at that point.
Post: When should you find a good real estate CPA?
- Tax Strategist| National Tax Educator| Accepting New Clients
- Posts 3,749
- Votes 4,499
If you can mess up 2 properties well.
You can mess up 10 properties well.
Your options are either: work with a good pro from the jump, or spend enough time to fully understand REI tax reporting. This includes depreciation setup, and renovation writeoff/capitalization. This is where we see the most errors on new investor's returns that need to be corrected later.
Post: Accounting for real estate property taxes
- Tax Strategist| National Tax Educator| Accepting New Clients
- Posts 3,749
- Votes 4,499
TL/DR
You're cash basis.
You expense things in the year it was paid- regardless of what period it relates to.
Post: Time to get properties into an LLC
- Tax Strategist| National Tax Educator| Accepting New Clients
- Posts 3,749
- Votes 4,499
Reach out to Scott Hildebrand or Chris Casey in the Seattle area as REI attorneys.
Mark Canton is a local REI CPA as well
If you're open to working virtually check out the Tax forums here on BP for a REI specailized tax pro.
Post: Orange County CPA search
- Tax Strategist| National Tax Educator| Accepting New Clients
- Posts 3,749
- Votes 4,499
@Amanda Han is based in California reaching out to her firm would be my first suggestion.
Post: Local Washington CPA Referal
- Tax Strategist| National Tax Educator| Accepting New Clients
- Posts 3,749
- Votes 4,499
Reach out to Mark Canton with Hunt Jackson CPA
Post: Looking for CPA in Central NY?
- Tax Strategist| National Tax Educator| Accepting New Clients
- Posts 3,749
- Votes 4,499
There are some great options if you're interested in working remotely with someone who specializes in REI vs. someone locally.
Reach out to @Michael Plaks or @Steven Hamilton II. Both are REI specialized and work remotely.
Post: Accellerated Cost Segregation against w2 gains or stock income
- Tax Strategist| National Tax Educator| Accepting New Clients
- Posts 3,749
- Votes 4,499
Originally posted by @Luciana W.:
@Ross Y.
I am not a CPA but I had 2 different CPAs tell me that if one member of the family is considered a RE professional and that spouse owns, for example,50% of the business, the couple can use only 50% of the depreciation to offset other ordinary income.
However, I have read in a accounting book that the family could use 100% of the depreciation if one of the spouse qualifies.
If someone in in this discussion nows best about this, I would love to hear another option.
Those 2 CPA's are idiots.
If they marry MFJ then if 1 spouse qualifies all qualifying losses can be deducted against all income sources from either spouse.