All Forum Posts by: Chris Picciurro

Many of the best tax strategists serve client nationwide. Does the firm need to be located in Missouri?

Good morning - are you looking for tax planning and strategy or just tax preparation?

Good morning - I agree with @Basit Siddiqi, can you provide more details? Are you looking for some tax planning or preparation?

Good job tracking miles! I would use the receipt capture unless you are committing yourself to the standard mileage deduction.

In general not taxable, but can be if funds are disbursed past your basis.

Here is a visual resource for you. Have a great day!

Welcome to the world of real estate. It sounds like any tax or "paper" losses will not offset your active income. These losses are a result of the depreciation deduction and carry forward to future years. That said, think about cash flow vs. tax flow. At your marginal tax bracket, enjoying positive monthly cash flow of $200 to $300 per month tax free is a benefit in itself.

Passive activity loss rule apply to everyone. Passive losses can be limited and entirely carried forward depending on your income and filing status. The loss rules are based on modified adjusted gross income (before standard or itemized deductions) not taxable income. Good luck!

You can deduct your real estate losses in the same year you qualify for REP status. Usually you pair a cost segregation study with REP status. Prior year passive activity losses will not be deductible unless your adjusted gross income is low enough to release them. REP status is not reported on a designated form yet reflected on your personal return and related schedules.

How many members are in the WY Holding LLC? Also, confirming the state-specific LLCs are wholly owned by the WY Holding LLC.