All Forum Posts by: Bruce D. Kowal

Go to website for OH Society of CPA's.  Cincinnati Chapter.  Look at Members of the Real Estate Subcommittee.  That's a start.

It's #2. Pro-rate for 3 months on 50% of the property.  IRS just want you to be reasonable in your deduction.  You can also deduct the pro-rated utility bills.   And depreciation. The broader question is whether you have placed that room "on the market" for further rentals.  

Just go to the State Court licensing website and see if he retains his license.  If it's current.  That's step Number One.

If you owe less than $50,000 you are able to get an Installment Agreement, and a Notice of Federal Tax Liens will NOT be filed.  And that should help you get the loan.  Need to know more about your tax problem, though.

Very smart move.  Just buy the insurance.  Save a lot of money on compliance costs.

Go to website of California State Society of CPA's.  Find your local Chapter.  And then look for the Real Estate Committee.  All the Members on that Committee are a good place to start.

So there is a home where three people share title.  Is that right?  Your plan is for for two of the Owners to leave the property to one of the three Owners.  Is that right?  So, both Grandparents would have to die before the property is bequeathed to your Father.  When you Father inherits the home for the last surviving Parent, he inherits the property with no tax.  [I assume there is not several million in assets].  The cost of the home to your Father is the value of the home on date of death of the donor.  This is a benefit.  If your Father sold the house shortly after receiving it, there would be little gain, as the sales price would be close to his new tax cost.  This is called "stepped up basis".  Congress always has its eyes on this, out of envy.  But without it, small family businesses would not be able to survive beyond one generation.  Maybe I got your facts wrong.

Rob, I don't see any benefit unless you intend to have partners. And there are annual filing fees etc. Maybe a lender prefers the LLC structure. I don't know. As I said, they will all want personal guarantees anyway. You might be able to hide your ownership in the property by having your Attorney register the LLC in his name.

 What is a rental property investor?  An individual who wants to buy a house and rent it?  That's not unusual for any licensed CPA.  It's reported on the tax return on Schedule E.  

Why on Earth would you depend upon a foreign language contract to do business in the USA?  If they won't do business in English, you are asking for trouble. And I doubt whether any foreign language contract has any legal standing in New Jersey, or any other state.