All Forum Posts by: Bruce D. Kowal

 I have no few years of experience with QB.  I DO NOT recommend the online version.  It is limited in its ability to do multiple classes etc.  But the main drawback is that it's all in the Cloud.  Not easy to backup your files to your PC.  A better route is to use the Desktop version hosted by a company such as RightNetworks.  You can back up the program to your PC, and still have remote access.  I well remember Hurricane Sandy here in the Metro NY area.  Very scary when all of your files are in the Cloud and you lose power and the internet for days at a time.  Terrifying.  Int**t likes the the Online version because it's monthly revenue for them. 

And lastly, Int**t is simply very poor with giving you a live person to help you.  Someone who speaks clearly.  And without going through a lot menus and handoffs.   If there were a replacement I would jump.  But they have the field to them selves.

And there is nothing wrong with a spreadsheet.  Go through the bank statements and pick out the expenses applicable to your property and log them.  KISS

Check out this link.  It gives a good blow by blow of how to do this: 

Download the workbook.

How to report a §1031 exchange

Do a search for the topic here. There is extensive discussion on BP on this.  It will take you hours to read through them!

Gladys.  Expat taxation is not as thorny as portrayed.  Especially for retirees. And your case is by no means unique.

I have several expat clients.  Here is a good start on discussing US retirees in Mexico:  https://brighttax.com/blog/us-...

Just keep in mind, as a general rule, Mexico has a poor system to handle disputes.  You just don't sue a Contractor for performance and expect to get a speedy and fair hearing.

If you need additional help, send me a PM.

 Every investor in Yucatan or Quintana Roo should understand that there is a weak system for settling disputes.  You just don't sue someone and go to Court.

 The key word is reasonable, sensible.  Something an IRS Agent could understand.  Not overstating in your favor.  What is total rentable square feet?  How much is available to the tenant.  Stuff like that.  

Queens, huh?  Are you talking about the common practice of renting out basements and attics, too?  Send me a PM.  

 I know what I'd do.  I'd park my car in front of the property, or close by, and spend the night in the car.  Maybe Friday/Sat or Sat/Sun.  Some places look quiet, in daytime, but become a whole 'nother world after dark.  Just sayin'

Sometimes the financial press writers have the ability to write more clearly than CPA's like myself.  This is from Friday, March 25 print edition of the Wall Street Journal.  A model of clear writing, with an equally lucid explanation of a Delaware Statutory Trust at the end.  

Hats off to the authoress Robyn Friedman.

(If you don't have a subscription, or are otherwise blocked from reading it, let me know and I will send you a PDF copy I made).

Executing the 1031 Exchange

 The simplest way for now is to set up a spreadsheet.  One column for each property.  Go through the monthly bank statements with colored highlighters, one color for Property A and another color for Property B.  At end of each month enter those expense on the spreadsheet.   Columns for Bank A/c #, date and payee.   You can do this until you go colorblind.