All Forum Posts by: Aus Smith

Hey, 

I am a CPA offering my services. I want to provide bookkeeping that can be used for tax preparation purposes at a fair price. I work with Quickbooks online and have experience bookkeeping for portfolios with multiple properties. I will also be providing tax services, and hope to be doing so by this next tax filing season. 

I would consider myself an investor friendly CPA as I understand and have studied real estate strategies such as Short Term Rentals, Cost segragation studies, 1031 exchanges, house hacking, Real estate professional status, self rentals, and much more. 

Laslty, ill be providing tax planning for those i provide both bookkeeping services. With up to date numbers on your bookkeeping, I will work with you in developing a picture for yearend reporting. We will calculate your projected tax bill if you continued as is. Then we can look at possible strategies and further discuss implimentation.

I am offering a 30 minute consultation, where we can discuss your circumstances. I will request certain documents to help me determine the scope of work as I look to provide a quote by the end of the consultation. Feel free to message me for my Email address if you are interested. 

Austin L. Smith, CPA.

Hey All, 

one important aspect to consider about real estate developing paper losses. Under the PAL limitation, only passive losses can offset passive income. If you are using STR, REPS, or self rental with material participation to convert to active or nonpassive income, you do not have to do this if you have passive business invesment that produce passive income that will exceed the loss generated by depreciation. Also, if your AGI is below a certain threshold, you can offset 25k against ordinary income. It is important to keep this in mind as it might not be neccesary to go through these gyration to only find out you could take the losses regardless.

Tax planning is the key! As they say, do not let the tax tail wag the dog. 

Awesome conversation! 

Austin L smith, CPA.

 

Hey, 

sorry to hear about your bad experience. 

The best CPAs I have worked for have emphasized to me the importance of providing answers to basic questions in the complimentary consultation. Some preparer are afraid to share any information due to the fear you will take the information provided and self prepare and subsequently not get paid. Its not really about the information provided but the assistance in practical implimentation. If they are gatekeeping the information, this may not give to much confidence to the implimentation. 

Thanks for the heads up on this one! This sounds like you learned what you do not want in a tax professional. Good luck finding that partner you need! Cheers! 

Austin L. Smith, CPA

Hey Kate?

Have you already placed the new properties into service? You will want to make sure that you record your depreciation schedules the correct way if you are self preparing. You can either continue the depreciation schedule from the property sold, and create a new fixed asset for the additional amount invested to obtain the property (Two Depreciation method), or you can opt to treat the new asset as one asset (Single Depreciation Method). This can be complicated in practical use, and would be the reason I would suggest to reach out for a professionals help! Good luck with your endeavors! 

Austin L. Smith, CPA

Hey Michael, 

You provide some insightful information regarding the STR loophole. You provide solid information in general!

I have been enjoying reading your content. Thank you for providing this content to the community, cheers!  

Austin L. Smith, CPA

Hey, 

Tax pro here. Just curious, what would be the wish list for a tax professional look like for you? 

I will be offering services for tax preparation soon, and I would love to hear your needs as a taxpayer dealing with short term rentals. 

It seems that STR owners would prefer someone local who is an expert on real estate transactions.
When I am finally ready to take on clients, I would love to do a complimentary consultation. 

Thanks for reading my post, cheers. Keep rocking those STR.

Austin L Smith, CPA
  

Quote from @Sean Graham:

Quote from @Aus Smith:

 The 3115 isn’t a problem with the right information readily available 

Yes, Agreed. It is fairly basic compared to other changes in accounting method. However, not every tax prepaer is familiar and willing to do the form. While the ones who are I hear a minimum of $2,500 for filing the form. The 2,500 would obviously not compare to tax deductions generated in the thousands. I am still waiting on my EFIN myself, but I am not to sure how much I would charge for this form, even though I'm familiar with the calculations. Have you seen anybody charge less? 

 $500 for 3115

Thanks for the information! 

 The 3115 isn’t a problem with the right information readily available 

Yes, Agreed. It is fairly basic compared to other changes in accounting method. However, not every tax prepaer is familiar and willing to do the form. While the ones who are I hear a minimum of $2,500 for filing the form. The 2,500 would obviously not compare to tax deductions generated in the thousands. I am still waiting on my EFIN myself, but I am not to sure how much I would charge for this form, even though I'm familiar with the calculations. Have you seen anybody charge less? 

Hey, 

As already acknowledged, it is possible but a hefty project to undertake. While you will need an engineering company to complete the Studies, you will need a tax preparer to file Form 3115 to do the catch up, as suggested above. You are playing a fine line this close to the extended date though. You are subject to failure to file and failure to pay penalties. Failure to file is based on the original filing date. Although, they are based on taxes owed and can be reduced along with the strategy if your liability is sufficiently reduced. It may be a mute point depending on the tax benefits that you uncover. The DIY software may be a good option, but as stated has its limitation, especially if you have a unique unaverage property. I am a CPA operating a firm myself. I'm very intrigued with the idea of using the software myself. I wish you luck with this endeavor! I hope you and your professionals knock this one out of the park! 

Austin L. Smith, CPA 

Hey All, 

My name is Austin L Smith and I am a CPA offering bookkeeping to landlords, STR managers, and other Real Estate professionals. I am from Pahrump, Nevada, and I am looking to see if there is anyone in Nevada I can network with. I want to grow my business so i can eventually buy a rental property, or convert the house i own currently.

Thanks for reading my post!