All Forum Posts by: Daria B.

@Cara Lonsdale I am not a CPA but I do speak with mine and with our (BP) own @Brandon Hall and I can tell you that you want to take all the depreciation you are allowed to take. In the end when you sell the IRS doesn't care if you took it or not they will still view it as you did and act accordingly regarding the recapture. Is that correct Brandon?

This is what I've seen others inquire about.

That has CPA written all over it.

 Hi Jacob-

Have you met @Jarred Mussen or @Parth Patel they are also here in town. 

My opinion on the education is to do what you feel passionate about and if you don’t know yet then perhaps do an assessment through the school to see it tells you. Some say it’s beneficial and others don’t have an opinion one way or another. 

In any case, definitely meet up with some local investors to see what they are doing. Party Andy I have yet to connect outside of chatting. I’ve met Jarred and he’s a nice guy and a personal trainer. We talk about re more often now bouncing ideas off one another.

I’m available most days if you want to meet up. I can tell you what I’ve been doing and planning for.

Good luck!

I wanted to circle back to this and close it out. 

When I posted this I had not been able to speak with my CPA and today I got clarification on what was sent. 

Essentially, all my docs (ie w2, 1095, SchE that I put together already and update throughout the year) will be sent and he will do the entering of these numbers. He said he sends it out and some clients choose to spend that time and update the organizer while others (like me) only fill out the check box questionnaire that collects information regarding changes in the year. Then he has some that don't even open it. LOL He's not particular but we never talked about this so I was shocked when I got it.

Thanks @Brandon Hall you were the one that gave us (BP) that sample PnL and I use it to enter all my rental income/expenses and keeps track of my depreciating items.

@Jay Patadia I agree on the duplication of work but now that I have a better understanding of this "organizer" and how  you guys and my CPA view it, I will be a better client. :-)

 I went down this path last year with no success. Hopefully you will do better. I looked into an API but as you mentioned it began to get too complex for a seemingly simple request.

 Yup you wrapped that up in a nut shell. The pages are less but it's something that I didn't do last year. It may also be that the CPA relocated out of my home area so going into the office to drop off forms and talk is no longer an option.

Regarding the form input, it has those items you mentioned above (ie health care and other questions) but the remainder is as though I'm filling out the actual tax form, ie SchE. I said I would see how this goes this year but I'm already not happy that this organizer, after opening it, has me sitting here translating my info.

 "duplicates work" is what I was thinking exactly. If I mis-key then it's going to get translated as such. If I just hand over forms then I can just check the completed forms. I already check it after it's done but it seems that this organizer just makes it more time on my end when I'm paying the CPA to do the taxes. Since this seems to be different across CPAs and not knowing what to ask up front could have saved some time.

Didn't know where else to post this....

For those that have CPAs whether for the first time or habitual use, do you get an electronic organizer each  year to fill in all your 1099- info, w2 (if you have), SchE data, etc or do you just give your forms to your CPA and let them key in all the info. I'm curious if spending that much time to key in the same info that the CPA will be putting into the software, seems like double duty.

I know professional software save the information that is carried forward to the next year to make it easy to update or enter information. Such as address that will likely be the same so it's already there and for the rentals (SchE) that info is there but expenses will be updated.

My CPA always tells me to make sure I get a W9 filled out and do 1099s for those that don’t operate as a corporation. Anything totaling greater than $600 should get a 1099.  

@Dmitriy Fomichenko From what I read of @Eric Jan description it sounded like he wanted to split between his SDIRA and cash so that the funds from the proceeds of the sell will also split to those resources. Is that not possible?

For instance using arbitrary numbers, $50k from SDIRA and $10k cash for the deal (buy and rehab) and then sell for $100k with % splits back to SDIRA and him for cash.

While I don't use my SDIRA for flipping, I have used it for Mortgage note purchases and also had cash in the same deal. I spoke with the self-directed company that has my IRA and explained to them what I wanted to do and they told me what was legally allowed. Different scenarios.