All Forum Posts by: Account Closed

@Francisco Avellan, 

what is the plan for the money once the property is sold? You could invest in real estate syndications that do cost seg, and take advantage of the passive losses from those projects to offset and even eliminate your tax liability here. 

Hey @Joseph R Hudson, 

Given we are accountants, we cannot promote our services on BP as its against the rules. To help in your search:

be sure to find an accountant who is willing to grow with you, and is not too high priced fee-wise. Not too low either, you don't want to go with someone who is just focused on price as this is a quality of a not-so-great accountant. Accountants are in such demand, that the best are not even accepting clients half the time.

The other problem I see often with accountants on here is that they specialize in larger investors, and have really high prices when you as a smaller investor do not need all the bells and whistles.

Another thing I see is folks thinking they need to have a tax professional in their state. We as a firm have investors working with us who have rental properties all over the US big and small.

Finding a real estate-focused tax professional and one who can help with advisory and grow with you would be my suggestion to focus your efforts on finding. Best of luck in your search!

Checkout real cost seg, owner is Micahel Baldridge who is a great CPA. 

To help in your search:

be sure to find an accountant who is willing to grow with you, and is not too high priced fee-wise. Not too low either, you don't want to go with someone who is just focused on price as this is a quality of a not-so-great accountant. Accountants are in such demand, that the best are not even accepting clients half the time.

The other problem I see often with accountants on here is that they specialize in larger investors, and have really high prices when you as a smaller investor do not need all the bells and whistles.

Another thing I see is folks thinking they need to have a tax professional in their state. We as a firm have investors working with us who have rental properties all over the US big and small.

Finding a real estate-focused tax professional and one who can help with advisory and grow with you would be my suggestion to focus your efforts on finding. Best of luck in your search!

Given we are accountants, we cannot promote our services on BP as its against the rules. To help in your search:

be sure to find an accountant who is willing to grow with you, and is not too high priced fee-wise. Not too low either, you don't want to go with someone who is just focused on price as this is a quality of a not-so-great accountant. Accountants are in such demand, that the best are not even accepting clients half the time.

The other problem I see often with accountants on here is that they specialize in larger investors, and have really high prices when you as a smaller investor do not need all the bells and whistles.

Another thing I see is folks thinking they need to have a tax professional in their state. We as a firm have investors working with us who have rental properties all over the US big and small.

Finding a real estate-focused tax professional and one who can help with advisory and grow with you would be my suggestion to focus your efforts on finding. Best of luck in your search!

Hey @Joel Scarboro, 

Does this property qualify as a long term rental or short term rental? From this, you can chat with your accountant on how you can qualify for the short term rental loophole, for example. Like Michael saids above, other facts and circumstances here matter a lot! 

 I think the reason why people view it as a loophole is that it is taking the material participation test and applying it to a more "passive" type of business. 100% you are correct, nothing shady or ill-intended going on here 

Please consider "waiting it out". It has a strong likelihood of passing fully. Best of luck! 

Hey @David Lopez, 

I would strongly recommend getting a good accountant here. Its better to be pound wise and not stress the small fee in comparison to the headache and potential mistakes in my opinion. 

Given we are accountants, we cannot promote our services on BP as its against the rules. To help in your search:

be sure to find an accountant who is willing to grow with you, and is not too high priced fee-wise. Not too low either, you don't want to go with someone who is just focused on price as this is a quality of a not-so-great accountant. Accountants are in such demand, that the best are not even accepting clients half the time.

The other problem I see often with accountants on here is that they specialize in larger investors, and have really high prices when you as a smaller investor do not need all the bells and whistles.

Another thing I see is folks thinking they need to have a tax professional in their state. We as a firm have investors working with us who have rental properties all over the US big and small.

Finding a real estate-focused tax professional and one who can help with advisory and grow with you would be my suggestion to focus your efforts on finding. Best of luck in your search!

 Great perspective David, ill have to share that with our team