All Forum Posts by: Taylor Brugna

Dave Friedman No way that space would support "regular and exclusive use" and a "principal place of business". I know it's California, but I think that's a stretch.

Robert Afra State tax won't be an issue for a good accountant-it's mostly the strategies/planning at the federal level. I think it's more important to have somebody that has a strong understanding of real estate. Not all CPAs deal with investors on a regular basis, and therefore won't keep up with the latest regulations or keep up with what clients are involved in, etc. If working with somebody virtually is out of your comfort zone, definitely try to find one in your area. You ultimately need to find somebody that you are comfortable with. 99% of work is done through phone and email, but I understand when somebody prefers face to face meetings. Good luck!

Robert Afra I'd recommend checking out some of the CPAs on this site. You don't necessarily need somebody local, but you need somebody who is consistently working with real estate investors. Hope this helps.

Yanky Baum 99 times out of a 100 a lawyer will ask you questions you never would have thought of on your own. Those sites are best for the most basic legal services. Hope this helps

Casey Faul 1) Do they invest in real estate? You'll find most CPAs will say they specialize in everything but this is a pretty good indicator if they know the industry well. A good CPA needs to understand what you are trying to accomplish, plain and simple. 2) Do they have other real estate investors as clients? This will tell you that they can apply the experience gained from other clients to your situation. 3) Another big thing that separates the good from the bad is communication. We get super busy certain times of the year but having somebody who is responsive is crucial. You don't want a CPA that takes a few days to answer email. I find clients really appreciate this, even if it's a "I'm swamped, let me get back to you later in the week." Hope this helps!!

Erika C. The short answer is yes, in order to defer all tax the replacement property must be greater than or equal to the value of the property you are relinquishing.

Highly recommend Jeff Copeland

Andrew Chambers A house is treated as inventory when flipping, which is completely different from other forms of real estate investing. Real estate is not treated the same in all circumstances, it depends what you are trying to do with it. Buy and hold generally is the most favorable from a tax perspective while flipping is the least.

Thomas Mundy Great to see that you are thinking this through. Just one comment:You have a car loan that is equal to 40% of your net worth and work in NYC, where you definitely don't need a car. I'd consider getting rid of the loan for a cheap commuter car to get you back and forth to the train station.

Steve Vaughan The strategy you describe is my favorite for investors that aren't churning out a high volume of flips. Hold as a rental for a couple of years, the tax savings can be significant! The capital gains rate jumps to 20% for investors in the 39.6% bracket.