All Forum Posts by: William R. Matthews IV

What process should I do in order to transfer a paid personal piece of property into an LLC? I have a house paid for and rented out but I need to move it into an LLC. Advice and comments appreciated!

I'm looking for a good real estate CPA in or near the Leesburg, Virginia area. Any recommendations? I'm also looking for another one in the Hercules, Ca (Bay Area) all recommendations would be great! Thanks!

Should I have/need both a landlord insurance policy and an umbrella insurance policy for my single family rentals? Thoughts?

Does anyone own Airbnb's abroad? If I set up an LLC to purchase real estate in Italy am I subject to dual taxation by Italy and the US?

Can I write off all my expenses it takes to develop a second home that I intend to maybe Airbnb when I'm not there? Thoughts on this? I'm looking to subdivide my lot and build two single family homes on the Oregon Coast. I've accrued several expenses in the process. (Brush Clearing, Hotel stays, Surveying). I will get financing from the bank as a second home as it will be a second home. Construction will take 8-9 months and I just have a lot of expenses between now and getting to my final product. I will eventually maybe quick claim it into an LLC. Thoughts here, suggestions? Another thing is the final product may overlap this coming tax year and next. I'm just hoping to be able to write these expenses off some how.

Thanks Drew! How would I argue this? This seems like it could be the case. My original intent was to build on it.

Virginia..

I bought some land and may just happen to flip it for a profit. (sell it less than a year) Will it still be eligible for a 1031 exchange? And if the property I sell is in Oregon and the equity or profit at that point I want to put it in is in an asset in Virgin?

Thanks Michael. Your answer is clear. I appreciate it. I purchased the lot with my girlfriend for a low price and maybe getting a better offer. 

Can I use the 1031 exchange from a raw land purchase to a small condo and then rent out the condo/house?

My situation is that I've purchased some land on the coast and if I flip it can I take that gain and put it into a property I can now rent out even though it is not land? Thoughts? Thanks all!