All Forum Posts by: Chris McCormack

It's best to find one you see as a good fit, not necessarily in your area. Many are working remotely and floating around these forums. Send connections and messages and see who you fit best with.

Cost Segs are best done when you have a high tax bill and qualify for active real estate professional. This year is the last year of 100% bonus depreciation so your write off will be larger, next year it goes down to 80. It helps to work with a tax planner to take all things into consideration and find the ideal timing.

@Yonah Weiss is great for studies.

@Andrew Laurence the cost seg firms can provide you with a free estimate

It won't make a difference, the total income / loss will be brought to page 1 of your 1040 or carried forward.

Yes, many people contest the assessments. One thing to look out for is if the market goes down ask for a reassessment. The governments are quick to reassess when values go up, not so much when they go down. 

@Stephanie Johnson cost segs can be done from anywhere so location shouldn't matter much. @Yonah Weiss is a great friend who works with excellence. You won't be let down!

Hey @Eddie Ibrahim this is a unique question that probably requires more than quick answers. Everyone's tax strategy is unique so without knowing the whole story it could get messy. 

Like putting a band-aid over a bullet wound. It might stop the bleeding for a bit but it could lead to worse consequences down the road, I'd advise sitting with a CPA/tax advisor with all information and finding a strategy that fits your goals. Make sense?

Calculate the basis, sale price and resulting gain related to the portion of principal residence. That's your exclusion amount.

It's best to work with a CPA to make sure this is done correctly and you're not getting taxed on more than you should.

Quickbooks and Xero are the best. Some investors use Appfolio, Stessa or Buildium. 

Biggest thing to consider is whether you can use real estate losses to offset other income. If you're W2 the benefit will be limited. While you would generate the losses on paper, you would have to carry them forward until you can offset with other passive income.