Use a qualified cpa that has been preparing tax returns a while and has a grasp of your passive loss and other income related strategies on this matter.

As long as transactions are done within SDIRA then yes but make sure you have a CPA help you so your not touching funds and causing irs to want to tax you.

You should also ask for the depreciation schedules (4562), to give some clue as to any capital expenditures that they made the prior couple of years.But it's certainly true that if you don't get them directly from the IRS, or at least from a CPA or other professional preparer, they can easily be forged, as can any kind of reporting they provide.

A leased place may look just like the last operation, not good.I could go on, I'd just say don't let those folks get you excited about thier dream, see an attorney by yourself and see a CPA, not a bookkepper, to discuss managerial accounting issues.

We are on the hunt for a good CPA.As i'm sure you know, there's good ones, and bad ones.I want to get all the info I can, so we can do all the numbers ourselves first, to get a baseline of where we stand.That way, I have some info to go on when we do get a CPA, so I can know if i'm getting hosed or not.Besides, I'm the type who wants to learn and know as much as I can.And we intend on growing the business, we have some good reserves, and want - and are on track to - acquire one rental property per year going forward.Any help I can get to learn as much as I can now will help greatly in our future endeavors.

Another bonus is the ease of sharing specific documents or folders with someone else (CPA, lender, etc) if needed.

if any qualified cpa or tax professional knows the law on this subject I would be curious to the answer also.

I'm a CPA/broker/investor that's ready to take the next step towards success.

Such time was spent coordinating contractors, a HVAC professional, roofing claim, quarterly inspection, small repairs, advertising, credit checks, switching utilities, angry neighbor, talking with insurance agent, time with CPA, time with lawyer, researching info, looking for deals, networking, even my time on BP,etc.

But the better answer is you send the closing statement to your CPA and they do the right thing.