All Forum Posts by: Christopher Cousin

@Brianna H. In order to best help to answer your questions, I would need a better understanding of your personal goals.  For example, a few benefits that 401k plans are touted for is tax deductible contributions in the current year and tax deferred growth. 

As a CPA and real estate investor, I understand that with good record keeping and competent tax advisors on my team, that I can deduct business expenses related to operating a rental property to get tax deductions in the current year, and I can use a 1031 exchange to avoid taxes on the appreciation of my asset if I choose to sell it, which in essence equates to tax deferred growth.

I wish you the best with you investing.  Feel free to PM me if you have any questions.

@Bill Dickson You mentioned that you would like to get into wholesaling, so one suggestion would be to set up and S-Corp or an LLC and elect to be taxed as an S-Corp. Setting up the entity in this way could save you literally thousands in taxes. I always suggest that you speak with a competent lawyer and accountant that has experience with RE investors. On one hand, you have the option to do it yourself to save a few hundred $ right now, but with proper legal/accounting advice, you could potentially save thousands annually once your business takes off.

Also, if you would like good tax and legal educational material, check out the Mark Kohler podcast. Kohler is also a partner is Kohler and Eyre CPAs and KKOS lawyers, tax and accounting firms that focus on entrepreneurs and RE investors in particular.  I wish you the best.

@Rudy Hernandez

Consider looking into Kohler & Eyre CPAs for your tax/accounting related needs. Mark Kohler, a partner in the firm, has his own podcast that provides great educational content on tax and legal issues, and they work extensively with entrepreneurs and real estate investors in particular. I wish you the best!

@Scott Smith Kohler & Eyre CPAs for your tax/accounting related needs. Mark Kohler, a partner in the firm, has his own podcast that provides great educational content on tax and legal issues, and they work extensively with entrepreneurs and real estate investors in particular. They offer a free 15 minute consult that you can schedule by visiting their website. I suggest them to you because this firm is affiliated with KKOS Lawyers, a law firm that Kohler is also a partner in, and Mat Sorensen, another partner at the law firm, literally wrote the Self Directed IRA handbook. I hope this helps and I wish you the best.

@Jenn A. Consider looking into Kohler & Eyre CPAs for your tax/accounting related needs. Mark Kohler, a partner in the firm, has his own podcast that provides great educational content on tax and legal issues, and they work extensively with entrepreneurs and real estate investors in particular. I wish you the best!

@Andy Basler As always, I say consult with your CPA as individual circumstances vary.  With that said, in general, any activity that is ordinary and necessary in the operation of your rental business would be deductible, and documentation is key here.  In order to maximize your potential deductions, aim to have at least half of each weekday be devoted to business activity.  If you are able to prove this, then the entire trip is considered a business trip, and the entire portion of your transportation and lodging becomes deductible. 

@Greg D. You're welcome! I'm glad to help!

@Greg D. Admittedly, I have not used the tax services.  However, I am a CPA, so I can at least tell when someone is knowledgeable about tax issues.  I do plan to use them for tax planning in the coming year as I grow my business as it's time to outsource tax planning and reporting. 

With that said, I have used them to set up legal entities, and they are very helpful with the whole process.  The lawyers are there to answer any questions that you may have and their expertise is top notch as a few of the partners invest themselves.   

I'd recommend listening to their podcast if you have time.  They also have a ton of other educational material if you are interested in learning about tax & legal issues.  Plus with both the tax and legal firms, you can schedule a free 15 minute initial consultation. 

@Greg D. I would suggest that you check out Kohler & Eyre CPAs for your accounting needs and KKOS lawyers for your legal issues.  These are sister companies, and Mark Kohler is a partner in each.  He has his own podcast that provides great educational content on tax and legal issues, and they work extensively with entrepreneurs and real estate investors in particular.  I wish you the best!

@Mark Rhea I would suggest checking out Mark Kohler's company as well.  You can check out his podcast, the Mark Kohler Show, as well for tax and legal education.