All Forum Posts by: Ahad Ali

@Johann Jells, Yes there is way to terminate  your S-Corp election and revert back to partnership or whatever it is that you want.

Hi Johann.

I agree with some of the answers above and I also want to add this:

The prices your paying for the S-Corp tax returns is not too much if he also helps you come up with tax strategies and advises and answers your questions throughout the year. If all he is does is fills out the forms based on summaries you provided then that fee might be a little bit much. Sometime some CPA's need to do legwork to put number together or summarize data so they charge for that, doesn't seem like that's the case for you.

And yes I always recommend my clients to hold properties in LLC's because of various reasons mentioned the article shared above.

Hope this helps.

@Fraidy Deutsch Is this still available?

Hey I don't think Turbo Tax will have option to export the the data because think about it they don't want to make it easy for you to leave them. I've never seen that function while doing my own client stuff. I'm afraid your accountant might have to do the work again. I always suggest anyone dealing with real estate find a good accountant because it's worth it. If your current guy is not so real estate savvy you may want to find another person.

Hi Andrew. I have a very similar background like you. Worked in Real Estate audit for a Mid Size firm, but now have my own boutique tax and accounting practice as well as a job in finance company. So be honest NYC market is tough, prices are though the roof. I'm looking in NYC too but now started looking in PA. In looking specifically in Reading PA. Good luck and feel free to reach out to me, we might be able to meet up in the city for coffee.

Yep us CPA's are quite swamped now. Feel free to reach out to me if you have questions. I'm based on NY and work remotely with clients all over the country.

Hey @Rey Perez, I am actually looking in Reading PA as well.

I'm from NYC and friend of mine told me about Reading, but honestly I find the prices attractive but don't know much more about the area in terms of easily finding tenants and future outlook of the area. So i'm eager to see if we can get some insights from somebody from this forum.