All Forum Posts by: Steven Hamilton II
Steven Hamilton II has started 25 posts and replied 5110 times.
Post: SDIRA w Checkbook Control & Prohibited Transactions
- Accountant, Enrolled Agent
- Grayslake, IL
- Posts 5,272
- Votes 2,325
All transactions must happen within the account itself so no you cannot pay it personally. Always take the conservative position with regard to such transactions.
Post: Qualified Business Income
- Accountant, Enrolled Agent
- Grayslake, IL
- Posts 5,272
- Votes 2,325
The 250 hour safe harbor is not the best determination. Look up the definition of a Trade or Business.
Post: Safe Harbor tax deduction
- Accountant, Enrolled Agent
- Grayslake, IL
- Posts 5,272
- Votes 2,325
Originally posted by @Michael Plaks:
Brother, Monday 4/15 is just around the corner. Take a Snickers. :)
See I was right! It is literally the biggest waste of paperwork and all it has done is confuse people.
Post: Safe Harbor tax deduction
- Accountant, Enrolled Agent
- Grayslake, IL
- Posts 5,272
- Votes 2,325
That safe harbor is literally the biggest waste of freaking time. Your accountant is an idiot. Please don't listen to them. They don't understand the law.
I can't scream "its a trap!!!" any louder.
Post: Cost Segregation in MHP held in SD Solo 401k?
- Accountant, Enrolled Agent
- Grayslake, IL
- Posts 5,272
- Votes 2,325
Originally posted by @Linda Weygant:
A solo 401k (unlike a SDIRA) does not pay tax on Unrelated Debt Financed Income.
The closest this kind of investment will come to generating tax for a solo401k is if it is somehow deemed to be generating ordinary income Unrelated Business Taxable Income) on some ancillary service that is being provided. The basic renting out of mobile homes and/or lots isn't going to do that.
I guess if the management office is, like, also running a convenience store (I've seen that...) that would do it.
So based on that, a Segregation Study would not be all that useful.
Actually that is only on debt financed real estate transactions. It can pay UBIT on active income.
Post: TurboTax: 3-person LLC invested in larger Apt Complex. How to TT?
- Accountant, Enrolled Agent
- Grayslake, IL
- Posts 5,272
- Votes 2,325
I hope an extension was filed already. I will recommend finding someone to work with. You don't know what you don't know.
Post: Cost Segregation in MHP held in SD Solo 401k?
- Accountant, Enrolled Agent
- Grayslake, IL
- Posts 5,272
- Votes 2,325
In a solo 401k not unless there is UBIT(unlikely).
Post: Homeowner Capital Gains Exemption with seller financing - taxes
- Accountant, Enrolled Agent
- Grayslake, IL
- Posts 5,272
- Votes 2,325
(they should have known) This is 101 for any competent accountant. Report the sale at once and use the home sale exclusion. In the future only the interest is taxable.
Post: Moving Assets from C-Corp to LLC
- Accountant, Enrolled Agent
- Grayslake, IL
- Posts 5,272
- Votes 2,325
It is deemed a sale at FMV AND a taxable dividend(depending upon retained earnings and paid in capital if all done at one time. I would probably not recommend moving them out. How long have they been in there?
Someone advising someone to put them in the C-corp to begin with could be considered malpractice.
Directly here is not where you will find a solution I recommend a few consultations with a few accountants to get some answers and determine the best course of action.
Post: How much would I pay in Capital gains tax
- Accountant, Enrolled Agent
- Grayslake, IL
- Posts 5,272
- Votes 2,325
Originally posted by @Jonathan Freeman:
@Steven Hamilton II thank you for the response. Appreciate it. I’m about to put it on the market but trying to figure out what I want for it by determining approximately what I will pay in taxes. I’ll wait for my accountant.
I just don't want to see you grossly miscalculate.