All Forum Posts by: Bryan Martin
Bryan Martin has started 1 posts and replied 174 times.
Post: Tax Strategy and Tax Planner
- Accountant
- Springfield, IL
- Posts 182
- Votes 98
Quote from @Eli Madden:
Hello fellow BPers in Denver / Colorado -
I'm looking for referrals on a CPA for tax strategy and tax planning for both near and long term guidance. I have properties in both Colorado and Wisconsin.
Thanks in advance for recommendations!
Lots of CPAs on these forums. Not sure of any local ones in Denver, but most serve clients in all 50 states. I'd recommend reaching out to a few and then seeing which ones you click with.
Post: How should you categorize your business expenses?
- Accountant
- Springfield, IL
- Posts 182
- Votes 98
Quote from @Kevin Yang:
Hey guys,
Me and my partner have been setting up our property to start doing business in short/mid term rentals! We have a lot of business expenses such as labor from contractors, appliances, furniture, tools, etc. We connected our accounts to QuickBooks and wanted to know what the best way to categorize expenses that is organized for an accountant.
Let us know!
Thanks,
Post: Recommendations for a Tax Planner
- Accountant
- Springfield, IL
- Posts 182
- Votes 98
Quote from @Michael Plaks:
Quote from @Eliott Elias:
You're looking at the worst time. How complicated are your taxes?
Not really. The worst time is April. :)
Post: Hey CPAs, Can I do my own cost segregation study?
- Accountant
- Springfield, IL
- Posts 182
- Votes 98
Quote from @Chris Picciurro:
I would personally not do your own cost segregation. There are a lot of very economical options for a $500K building that comes with audit protection. The 20% isn't an automatic deduction. Each property is unique.
Not saying that they would find anything in an audit if you did it correctly, but I think it's money well spent to just get a firm to do it for you.
Post: Tax planning before we start investing. Looking for a CPA to work with
- Accountant
- Springfield, IL
- Posts 182
- Votes 98
Quote from @Daksh Raheja:
Me and my wife are planning to start REI. We have high w2 income and would like to offset it using paper loss strategy.
Here is what I am thinking.
We are planning to get one STR every year, manage it ourselves to have material participation in it, Do a cost segregation and accelerated depreciation in year 1 to have active paper loss and offset our W2 income with that loss. Then next year transfer it to either a management company or do LTR and rinse/repeat.
Let me know what am I missing here. Or should I look at starting the traditional way of LTR and forget about deductions to our w2 income.
We don't have a CPA currently and would love to connect with someone who has experience in real estate.
Hi Daksh, There's a lot of great and talented CPAs here on this forum posting. I'd recommend browsing the forums, reach out to a few and seeing if you click with any of them.
Post: I need to show 6k in profit on my 2022 tax returns, how do I go about it?
- Accountant
- Springfield, IL
- Posts 182
- Votes 98
Quote from @Michael Plaks:
Your CPA asked the correct question. Your lender needs to be specific: $6k with or without adding back depreciation?
As for how to show that much profit, assuming you're reporting on a cash basis I'd recommend delaying any expenses you can into the next year and trying to collect and deposit January rent in December. Could also look for other revenue streams on the properties.
Post: Looking for a CPA to assist with taxes
- Accountant
- Springfield, IL
- Posts 182
- Votes 98
Quote from @Joshua Garcia:
Hello and good day! My name's Josh, not Josh Dorkin lol. I'm new to the Oceanside area of San Diego and am currently looking for someone to do my taxes. I was listening to a podcast episode of Bigger Pockets and the guest mentioned getting a CPA from Bigger Pockets and a light switch went off in my head. If anyone is able to help it would be greatly appreciated!
Post: New to BP community!
- Accountant
- Springfield, IL
- Posts 182
- Votes 98
Quote from @Boone Lenochan:
Hello everyone!
I am a senior at U of Central OK studying Finance/Financial Planning and graduating with my Bachelor's this spring! I work for a local bank that lends to many successful investors and developers and I have been lucky enough to learn many things while creating foundations for potential working relationships/mentorships once I finish up with school. The plan as of now is to pursue a career in lending post-grad but investing is definitely what I feel most passionate about.
For now, I am focusing on reading BP books, listening to podcasts, and looking for meetups/mentorships near OKC!
Happy to join you all! Please provide any encouragement, tips, or advice!
God Bless
Post: New Member &New RE Salesperson License
- Accountant
- Springfield, IL
- Posts 182
- Votes 98
Quote from @Galia Sims:
Hi there BP community! I am a new real estate salesperson for the state of Maryland. I’m interested in: investing in properties for myself, wholesaling, and learning more about real estate as a whole. I look forward to learning more about everything and to speak with you all!
Post: Creative ways to profit from a rent overlap (as tennant)
- Accountant
- Springfield, IL
- Posts 182
- Votes 98
Quote from @William Conn:
Hi, I am currently a college student renting and my lease date ends in the middle of August. The rent where I currently live is going to increase substantially so I am not renewing. My issue is that other places are cheaper, but all start leasing in June. I will have to pay an overlap of 2 monthly rents, and I know I can reduce the amount by subleasing or air bnb. Are there any other creative ways I can turn this into a profit?