All Forum Posts by: Bruce D. Kowal

@Bruce D. Kowal @Greg O'Brien thanks a lot for the input. I did not figure the cost to be that significant! My risk is long term cap gains on about $500k so while it could be justifiable my alternative is to wait another two months to sell my home and receive full exclusion. Given what the information you gents provided I’ll wait longer to sell my home. Thanks again!

Good evening everyone !

Is there anyone here who is a foreigner and has created an LLC to invest in real estate ? How much do you pay do to your taxes ? I bought a condo last year, and it was rented only 3 months. I calculated and I have more expenses than incomes. I contacted a CPA and he offered me to do my taxes (as well as the other member of the LLC) for 1600$.

I found it very expensive considering I have more expenses than incomes! Is that the regular price ? Do you have any contact ? I really don't want to spend that amount of money to declare 0 lol.

Many thanks for you help !

@Daniel Newman, if you're within the 45 day identification period any property can be identified or gone into contract on.  Once day 45. passes only properties on the list may be used.  And the list may not be changed after day 45.

In this market we're counseling our clients that they need to think of the 45 day identification period as more of a 45 day contract period.  If you're not in contract for your new property by day 45 your chances of completing a 1031 exchange go way way down.

And remember it's fine to actually get a contract for your new property before your old property closes.  You simply have to close the sale before you close the purchase of your new property.  Selling your property is easy.  Finding the replacement not so much.  So take care of the hard job first.