All Forum Posts by: Nate Meeker

@Lucy Bennet - LLC changes nothing if you own it outright and I would personally not take realtor commissions and instead take capital gains if possible. There may some other reasons to not do this, so I would check with someone who can see all of your numbers.

@Daniel Cannon - here is some light reading, only a 154 pages from the IRS audit guide haha. All jokes aside, a good rule of thumb is that investor type hours do not count more so hours that are critical to daily operations. 

 https://www.irs.gov/pub/irs-mssp/pal.pdf

@Steven Woodburn - The location of your CPA isn't as crucial as their experience with real estate. Many CPAs on this forum have clients and properties across the U.S. 

Are you aware of the tangible property regulations for multifamily? This is critical for tax benefits on repairs and maintenance. 

@Javier Aguirre Martinez - The tangible property regulations are crucial for multifamily properties. Whoever you choose, make sure to ask them to explain this to you. 

@Michael Margarella - Why do you think it wouldn't? The IRS looks at use and facts versus the asset's generic description. 

@Robert Lopez congratulations on completing your first flip! Regardless of who you end up selecting as your CPA, make sure that they have specific expertise regarding real estate, especially since you plan on growing your portfolio. Just curious - are you completing these deals in CA or out-of-state?

@Mark Bascetta congratulations on your first home! It is always a great idea to plan ahead; my goal as a CPA is to save my clients more money than I charge them. If I were you, I would reach out to a few CPAs (regardless of their location as what's more crucial is their expertise in REI), and pick the one that best aligns with your financial goals. Happy taxes!

@Jose Ramos as a few others have mentioned on this post, the location of your CPA (especially with your being located in NV), is not as crucial as their experience in real estate. Do you have any out-of-state investments?

@Alicia Howard I know you mentioned that you eventually plan to talk to a CPA and a lawyer, but I highly recommend doing so sooner rather than later. There are so many nuances based on each individual's situation.

@Tanner Bundy is there a specific reason you want a CPA in your area? The location of your CPA isn't as crucial as their experience with real estate. Many CPAs on this forum have clients and properties across the U.S.