All Forum Posts by: Bruce D. Kowal

I have never told a Client that paying taxes means that the business is making money.  Not an artful to a Taxpayer's concerns about minimizing taxes.  I have a national practice.  Don't know you exact situation, but here's a suggestion.  Get a PDF copy of your recent tax return, redact your SSN and other info [using the Markup feature of you PDF program, Adobe etc] and send me a copy of the return.  I will take a look at it and see if I can spot any areas where your CPA might be failing.  Realistically, to give you the assurance you want, you will at some point have to let another professional tax a look.   Redact names, kids names,  SSN's and addresses.  Don't send any of the paperwork which reprints bank account, W2 information etc.  Just pages 1 and 2 of the 1040 and the three schedules.  ALso your buisness returns, if they are Sole Proprietorships [Schedule C] and rental income [Schedule E].   Best to you!

Matthew, there are a lot of good sites on the internet which discuss this. In great detail, too. I can help with this, as my practice is National. I am in Northern NJ and Allentown is few hours away. In any event, the SD IRA is nice on paper. But in the end, you are managing rental real estate. Which is not for the faint-hearted. They better be prepared for the joys and disasters that awaits them. My advice to Clients is that if their investment cannot do better than an REIT ETF, such as offered by Vanguard and/or Fidelity, don't bother. And those annual returns are running approx 9% on the average. Those are good returns for passive investing and great liquidity. Otherwise, let's connect.

Well, on the plus side, there are no State income taxes to deal with.  And no winter heating bills.  Some good friends and Clients have moved, with no regrets.  If he really wants to stretch his loot, then there is always Mexico or other countries in Central America where the living is cheap.  Check the internet on Americans retiring South of the border.

Do you currently have a CPA doing your taxes?  If so, ask him to run projections on your 2022 taxes.  He has software for this.  Otherwise you provide scant information to make a determination.  Also, we charge for our expertise.

Leave New York State and move to Florida.

It's a strange profession.   We seem mild-mannered on the outside.  But there are limits to what we endure from Clients, and at some point something set him off.  It happens.  

Gabriel, be careful that you don't load this property with too much paper [legal and tax implications].  Come up with something more simple.  

You might want to drop by a local title company and get some free, accurate advice on what your are proposing.  

Also, in the end, you and your Sister might end up hating each other and hiring lawyers.  Be very careful.

This is what attorney use and charge you for it: https://www.blumberglegalforms...

You may want to check out the TIGTA Report on QOZ and the IRS audits of those.  It's a heads up for pitfalls.  And with IRS a pitfall are interest and penalties and paying for audit representation.Additional actions are needed to address Qualified Opportunity Fund and Investor Non-Compliance.

Make sure your CPA is aware of what can go wrong.  The whole purpose is ultimately to get a break on reinvested capital gains. Don't screw it up!

Joint a local real estate Meetup.