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Updated almost 9 years ago on . Most recent reply
8288-B Compiling my Tax returns for FIRPTA
For the past 4 years I have been investing in Commericial Real Estate and Land in Los Angeles, California. I did do one tax return in 2012 using turbo tax but I never bothered after because I was making more expenses/losses than gain and I am not a US resident. This year I will make a small sum of about $50K due to a sale of two pieces of land. One of the lots is in my name and the other I purchased in my pension name. I have an SSN or EIN but my pension does not. I have looked at filing returns for prior years that will show modest expenses but mainly property taxes and it involves at least 10 tax returns and at $285 each it adds up a fair bit. In addition the CPA says he will charge a further $750 to file each 8288-B
Does anyone know if there is a way I can structure this so I dont have to pay almost $5K in accounting fees. The other issue is that I am based in the UK and the specialist accountant I found is in Canada. He seems to simply focus on this area of business so I feel very confident using him despite him neither being in the US or in the UK. The only equivalent I found is based is in Maryland and due to the complexity, quoted $1500 per tax return.