All Forum Posts by: Bruce D. Kowal

Look at Zillow or some similar site and see what mobile homes are renting for, how long on the market. You can always pretend to be a renter and pump the Seller for information.  Or speak with the broker.  I think New Hampshire is better for this type of rental business.

 Presumably someone has been preparing your tax returns for the past few years.  You already have investment properties.  What does your tax preparer say?

Don't know.  Not going to spend time looking it up.  As I mentioned early on, IRS has three years to audit.   File the IRS form on Inconsistent treatment and be done with this.  

Make sure you properly report your capital losses and carry them forward.  Because they are §1231 losses they can offset ordinary income, which is better than a normal cap loss use of only $3,000 if married.  

Sorry you got into this. That is the problem with Syndications, you have no control over the Syndicator, who may suddenly need cash for some other mistake he needs, and he sets out to create mischief.  

if you have cap gains in 2024, or in the coming years, you might want to consider simply "abandoning" your interest in the LLC, which allows you to take the loss in the year you choose..

For example, if you have cap gains of $50,000 in 2024, you might want to "abandon" a some or all of your Membership interests,  which give rise to a loss which will absorb the gain.  Or abandon all of it in 2024 if it's really dead, and carry the losses forward.  

Hope that helps. 

This is wonky, but as you are discovering, a lot of this stuff is wonky:

https://www.thetaxadviser.com/issues/2016/feb/taxation-of-wo...

Leader of Real Estate Investment Firm Admits Role in $658 Million Ponzi Scheme and Multimillion-Dollar Tax Evasion Conspiracy

Anyone heard of these guys? National Realty Investment Advisors?  He went for the whole prize:  Ponzi scheme plus tax evasion.

Why would you seek online legal advice for an important decision on protecting your assets?  See a lawyer and pay for professional advice.

Congratulations to an expectant Mother!  As for NYC rental properties and putting your one rental property into a Trust, consult professional journals for this.  Just do a web search.  Otherwise, leave everyone as is.  Presumably someone does your tax returns, ask them.

NY will tax you on your NY source income. Be prepared to file IT-203 Non resident tax return. Also NYS has a quirky public notice requirement for LLC's which is costly.

Buy Turbo Tax and do it yourself.  That is your second opinion.  TT has AI this year.  Might help.

If you don't understand it, then it's a "cover up" of mistakes, not errors. It's on the level of "Oh, sh-t!  We really screwed this up . . ."

How many more year left before they sell assets?

Is that what this is all about?  $136,869 spread over some number of partners?  The is too much professional time and billings, zoom calls, aggravation.  You know that you are at wit's end when you look to BP for an answer.  :)

You might just use Form 8082 to get the number you want, and everyone file and forget it.  

I figured that this might trigger a Change in Accounting method.  

As I said originally, as long as IRS is not getting stiffed, let each Member file 8082, and let everyone get on with their lives.