All Forum Posts by: Steven Hamilton II
Steven Hamilton II has started 25 posts and replied 5110 times.
Post: Local CPA referral for lodger-landlord scenario
- Accountant, Enrolled Agent
- Grayslake, IL
- Posts 5,272
- Votes 2,325
I'd recommend Juan Montes as The Tax Problem. Tell him Steven Hamilton sent you.
Post: Recommended CPA in Florida
- Accountant, Enrolled Agent
- Grayslake, IL
- Posts 5,272
- Votes 2,325
Originally posted by @Natalie Kolodij:
Originally posted by @Ryan Johnston:
@Tyler Gibson Thanks Tyler, I'll send the PM now
@Natalie Kolodij Thank you Natalie. I'll look further into the forums here on BP. I mainly wanted someone in Flordia since that's my home base. If they throw out a client that they want to introduce me to or a connection that would be good for me to have, I want to be able to take advantage of that. A good CPA can likely find you a good lawyer or other team members like that. A hidden network of types!
@Karen A. Thank you Karen. I've received many PMs off this post referring CPAs in high praise. I think I'm going to go with one of them. If you find that you absolutely couldn't live without your new CPA I'd love to hear about him
@Steven Hamilton II is a regular here on BP, also an investor, and he has an office in Florida as well. I'd reach out and see if he's accepting new clients.
Thank you Natalie for the suggestion. We are still taking on clients at the moment.
Post: RE Attorney & tax strategist for business formation in Illinois
- Accountant, Enrolled Agent
- Grayslake, IL
- Posts 5,272
- Votes 2,325
Originally posted by @Michael Plaks:
Your #1 choice for a tax strategist should be @Steven Hamilton II.
If for some reason it does not work, you can pick from several non-local expert accountants who contribute to this forum, because most of us work remotely nationwide.
Thanks for the recommendation,.
Wehave an office in the north burbs; however we have clients worldwide and I'd be happy to speak with you.
Post: Roth SDIRA and UBIT/UDFI
- Accountant, Enrolled Agent
- Grayslake, IL
- Posts 5,272
- Votes 2,325
Brian explained perfectly. Finding someone who is competent enough in that area to prepare the return will be 90% of your problem.
Post: My tax advisor says I am defining my business wrongly.
- Accountant, Enrolled Agent
- Grayslake, IL
- Posts 5,272
- Votes 2,325
Originally posted by @Luciano A.:
Thank you for your insight. Makes sense. SO ANYONE READING MY POST ON THIS SUBJECT ....DONT LISTEN TO ME. lol
I am always open to learning and being corrected. The only way to learn is from your mistakes.
Wasn't trying to pick on you. We just combat SOO much bad advice from hairdressers, lawn maintenance, sisters, cousins aunts uncles agents brokers etc.
Post: My tax advisor says I am defining my business wrongly.
- Accountant, Enrolled Agent
- Grayslake, IL
- Posts 5,272
- Votes 2,325
Originally posted by @Luciano A.:
Thank you for your insight. Makes sense. SO ANYONE READING MY POST ON THIS SUBJECT ....DONT LISTEN TO ME. lol
I am always open to learning and being corrected. The only way to learn is from your mistakes.
Wasn't trying to pick on you. We just combat SO much bad advice from hairdressers, lawn maintenance, sisters, cousins aunts uncles agents brokers etc. It becomes hard for many to determine what is correct.
Post: Receipt of K-1 from a syndication
- Accountant, Enrolled Agent
- Grayslake, IL
- Posts 5,272
- Votes 2,325
Our syndication clients typically have the earliest time slots on our calendar and have excellent books reviewed regularly so we do not have to rush at the last minute. The issue can be if there are sub-syndicated assets for which we are waiting for K-1s. The second issue is if we discover significant issues in the books/records sometimes we have to go through and get information corrected. This is why we prefer to review the records consistently throughout the year and finally in December in preparation of the tax returns being prepared.
Post: My tax advisor says I am defining my business wrongly.
- Accountant, Enrolled Agent
- Grayslake, IL
- Posts 5,272
- Votes 2,325
Originally posted by @Luciano A.:
@Luis Baumeier
On tax return you have a schedule E to show each rental income versus expenses. This is only for the property expenses and income. Schedule C is where you list your LLC as rental business and show all ur expenses .
But this is a better way so you can write off more.....
Create a DBA under your LLC. For example if your LLC is called Luis Holdings LLC u can go to ur local court house and get dba Luis Holdings LLC "doing business as" Luis Property Management Group.
Setup new bank account pay all expenses from their and collect rent into that account. This way u can expense things like mileage, materials etc as a property manager showing IRS ur actively involved.
I’m no CPA/Attorney but paid lot to them to learn a few things along the way.
Please don't give tax advice you're not qualified to give. What you described are expenses that you can deduct any way as a landlord. If his income is over the 150k threshold the only difference is losses carry forward. He would need to pay himself as a PM in order to deduct the costs as if he was self employed. That could create SE tax and could cause him some significant issues in an audit.
What you described is a great way to get hit with substantial penalties.
Post: Need a CPA for Foreign Earned Income and who deals with K-1
- Accountant, Enrolled Agent
- Grayslake, IL
- Posts 5,272
- Votes 2,325
Its not uncommon to find many of us who have worked with all of the applicable situations in the scenario you described. I'll tag @Natalie Kolodij here as she would be a great candidate.
Post: ISO Real estate/Tax attorney in Denver
- Accountant, Enrolled Agent
- Grayslake, IL
- Posts 5,272
- Votes 2,325
I have two individuals out of CO that I work with regularly:
William Bronchick
https://bronchicklaw.com/
Chris Ray