All Forum Posts by: Jake Hottenrott

@Ken Byers - You will definitely want to talk to your CPA or reach out to one on the forums. There are a few strategies that might work for you to avoid the 10% penalty depending on if this is your first home purchase or if you are still involved with the TSP in a capacity that allows you to take a loan.

@Drew Fein - Would you like to weigh in on this being as though you are a CO based RE attorney?

@Grant Shipman - Ask and you shall receive.  It looks like @Drew Fein is a Denver, CO real estate attorney who may be able to help you personally or refer you to a colleague that she trusts!  

Not for this to sound like snarky advice, but if you want a strong contract talk to an attorney who knows the laws of your state and can put into proper legal language the terms of your agreement.  

On another note, congrats on getting into REI! You will find it very rewarding and a lot of work mixed with a lot of fun.

@William R. Matthews IV - @Natalie Kolodij is correct, working with two professionals can be a bit of a pain on the client end and can get quite expensive when you have two professionals not only trying to create their tax strategy for you, but then also working behind the scenes to discuss strategy with the other professional to make sure they align.  

Remote CPAs are always great, it allows you to have confidence that you can trade information with them easily.  I have clients spread across the country and I even have a few local clients who I never see face to face because we do everything via phone or email.    Best of luck!

@Angela Soffe - I'd reach out to @Natalie Kolodij to see if she has any openings for new clients.  You can check her comments on here, she knows her stuff and she's active in the real estate community.

@Nicole Bernshaw - it's not.

@Nicole Bernshaw - thinking outside of the box gets you in front of the jury box in tax court.  Let's talk store front.  In your suggestion, everything prior to opening their doors on day one to sell widgets (active business)  is an organizational/startup/capitalized expense. Opening the doors in rental real estate is having a place ready to rent.

@Debra Grumbach - the act of creating an entity does not create a business.  There must be activity for which the business is created.  Your suggestion would fall into the organization cost in my above picture (pre business beginning).