All Forum Posts by: Chris Picciurro

The answer is that a 1031 provides tax savings and/or deferral based on the situation. Proper tax planning involves diagnosing your situation the quantifying the strategy. Capital losses offset capital gains so it sounds like you are not a good candidate for a 1031. That said, if you are interested in a tax coaching session to work through the details please DM me. Good luck!

Do you offer strategic revenue opportunities with CPA firms?

Is this a property that was used as a primary residence before converting it to a rental?

So the strategy is to create significant passive activity losses then use them to offset Roth conversions once W-2 wages stop. Fill up the lower marginal tax rates with Roth conversion income.

Great question and I have been a practicing CPA for almost 25 years. If you are taking advantage of the STR loophole then working with a tax professional that understands it is critical. The tax pro should also work closely with the cost segregation firm. If the rental is passive, you can probably muddle through Schedule E on your own. Have a great day!

Good question and we don't have a crystal ball. It will be interesting to see what happens with the pending legislation related to bonus depreciation (passed the House and in Senate). Legislation

From a tax perspective, I would start with a LLC and maybe grow into a S-Corporation election in the future.

Good afternoon - does the CPA need to be locate in Charlotte?

There are a lot of amazing CPAs in BP. Kindly DM me if you want to chat.

The time log is critical. I use an awesome software program/app to track mine.