All Forum Posts by: Sean O'Keefe

I'm looking for help clarifying my next move.

Closing the end of this month on a multifamily in Portland, Maine. Sold for $2.3m with $1.3m in equity. Purchased through a 1031 and keen to keep it rolling. Have been looking nationally at NNN and the range of offerings has clouded my decision making. I'm non resident so will need a hands free investment/full management. Open to suggestions.

Thanks in advance.

Hi Sean, Could I please have a copy of your spreadsheet, too? Thank you!

@Sean O'Keefe Hi Sean. Would you mind sending me a copy as well? Thank you.

Recently sold a property at a loss and wondering if depreciation recapture should be taking place? For rough numbers we purchased property for $1.65M and sold for $1.35M. Owned for 4 years and had about $225,000 in depreciation during that time. To me that’s a $330,000 loss but accountant telling me it’s $135,000 because depreciation gets added back in. The reason we’d like loss higher is because we sold another property for a large gain and would like to hedge as much loss against it to cut gains tax on that sale. Thanks in advance to all and much appreciate any and all help!

@Sean O'Keefe Can you please share me the sample log sheet as well? 

Hi, Sean, I would greatly appreciate it if you could send me one copy too.

I was consulting with cost segregation company. This is what she told my CPA

'if you do not fit the qualifications to be considered a real estate professional, then passive income limitations would not allow you to access the deductions'

I have never heard or read anything as such. I remeber hearing if you make too much on your W2 then it might not benefit you from cost segregation. 

Any advice would be greatly appreciated.

About 18 months ago I finished a renovation with a Homestyle loan ($160k pp, $90k renovations, $320k ARV). Its a 2 bed 1 bath SFH and I rent the other room through AirBnb. Guests have access to the entire house except for my bedroom. The plan is to purchase a new property in the next year or so then rent the full house as a STR. I have a W2 job to deduct losses against and I'm hoping my AGI should fall right around $100k including the losses from my Schedule C (side business).

I still have to file my 2024 taxes and have been struggling with whether I should do a cost seg study this year or not? Getting more back this year would really help me pay off a couple things and finance my next property but if its more beneficial to wait until I rent the entire house I can do that. Would love to get some thoughts and if anyone has a good CPA that I can engage to do the study. Thanks!

@Sean O'Keefe thank you!!