Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 9 years ago on . Most recent reply

User Stats

17
Posts
1
Votes
Henry W.
  • Investor
  • Los Angeles, CA
1
Votes |
17
Posts

8288-B Compiling my Tax returns for FIRPTA

Henry W.
  • Investor
  • Los Angeles, CA
Posted

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.

Loading replies...