All Forum Posts by: Patty Puckett

Thank You.

The LLC is me and my husband and one other partner. I think we all agree ordinary loss, not Capital. So all of us will take it. The other partner said something about taking it over 2 years? CAn we do that? Would like to. Thanks

Thank you so much. This was our only purchase so we have to history. Was never to hold, its just we couldn't sell and we have proof it's been for sale for years. Our LLC says we have to dissolve after we sell this. Can I spread the ordinary loss over 2 or 3 years or do I have to take it all at once?

Our LLC bought a Multifamily zoned property to build a subdivision. We spent about $100,000 with all the costs to get to the PUD Tentative map stage. We decided because of health issues not to build and to sell. Then the market dropped. We have had on the market for 8 years and are now taking a loss on everything about $40,000 on the land and $100,000 on the costs to get it to the tentative map stage. How do we write off the loss? We didn't take the loss through the years for the original cost, just the operating cost like taxes and utilities. Our LLC name has Properties in it, no other business.

One CPA says we can take the loss in one year.  The other CPA says we have to spread it $3,000 a year until we reach the loss total or against any capital gains.  Which is correct? 

Thanks Patty

Thanks for the information.  George, do I put my husbands SS# or do I get a TIN number for the Trust company to put on the 1099?

The renter pays my servicing agent (We have 2 partners). The renter put the 1099 under the name he makes the check out to (our serving agent who is an individual). Then Service agent mailed a 1099 Misc to us (his error) instead of the IRA. I called our IRA Custodian and they said they have never received a 1099 from anyone, no they should not get one in their name or mailed to them. Not sure they are right. So I will have my serving agent do a correction sent to the Trust company FBO Kenneth Puckett with his SS# I guess.. Thanks

We received for the first time a 1099 Misc. from a Commerical Tenant of a property for rent that is held in our Self Directed IRA. She sent it in my name, not the Trust companies name. Question - should I do a Correction to the 1099 and put the Trust companies name FBO my name? If I do, do I still put my SS# down or the Trust companies EIN? Or can my CPA just fix it when I file my personal taxes. Thanks!

Yes $399k for the 11 paper lots. Will send you a package.  You may know my Partner Jim Pack?

I would like more information please. Thanks.  I have cash and can close quick.

11 separate individual lots, with 4 different house plans awaiting build out on this Planned Unit Development consisting of single family homes in the City of Grass Valley    $399,000.  Great area, only 1 hour to Sacramento, 1 1/2 hours to Reno, 1 hour to Tahoe area and 2 hours to Bay Area. Gold Country Foothills location.

Owner will carry with 50% down

This area needs newer homes and is a much-wanted area, with walk to shopping, restaurants, public transportation, and medical centers convenience. Nothing out there like this! No DRE, no associations, and no competition.   This is a R-3 zoned property and allows up to 20 units per acre (24 here )  If you decide you would rather build condo's, apartments or Senior housing. So many people looking for in town nice new homes.

Home plans include:        
4 Homes with approved accessory units (600 sq. ft. Casita's) for use as rentals or attached in-law-type quarters with separate entrances--2508 total sq. ft. 3 bedroom, 2.5 bath or 4 bedroom, 3 bath plus bonus room.  $525k to $550K Per comparables.

3 Homes 2332 sq. ft., 3 bedroom, 2.5 bath with bonus room or 4 bedroom plus office,  $500K to $525K Per comparables.

2 Homes 1746 sq. ft., 3 bedroom, 2.5 bath,   $400k to $425k Per comparables

2 Homes 1166 sq. ft., 2 bedroom, 1 1/2 bath,  $300k to $325k  Per comparables.

Can send an updated Engineer letter stating what needs to be done to move dirt within 120 days or sooner. I have artist renderings, engineering, conditions of approval, and house plans. 

I can send over the detailed comparables and have a detailed package I can send via Google Drive.