All Forum Posts by: Dylan Boyd

 This is what happened. The IRS is calculating you had no basis and that you owe taxes on the full amount sold (as gains). 

 Each time you sell crypto, it is a taxable event, just the same as selling stock in an investment account (with exception to tax advantaged investment accounts). With 130k invested, and a worth of over 250k at it's peak, it's really easy to get to 500k+ of total transactions. Example - You buy 50k of ethereum and sell it for 52k. That's only a 2k gain, but a 52k transaction. None of the numbers you posted in the post above surprise me. Ask the IRS how they came up with 200k+ of taxes owed. It certainly wasn't from your Robinhood investments. 

Hi guys,

I spent 6 years as a tax accountant before I got to my current position (Director of Finance for a commercial real estate development company). I've been approached by someone who owns a rental property and will be buying more (under contract for his second rental property at this time). He doesn't want anything to do with the bookkeeping aspect of running the properties and has asked if I would do the bookkeeping for him. I am familiar and work with QuickBooks Online and have full faith that I can do the bookkeeping for him. Where I'm struggling is I have no idea what I should charge for these services. He currently has three entities formed for liability reasons (this isn't my expertise, so I don't know the exact reasons for this), the main entity is where the income from each property ends up & some expenses that aren't particular to each property. Each new property he buys, he sets up as a disregarded entity to the main entity, and the last current entity is separate from the main entity and acts as a pass-through for the rent. I'd be charged $25 a month for each entity in QBO. The reason I am entertaining this thought is because this could have the opportunity to provide a small amount of income as a side hustle and perhaps has an opportunity to grow as well. I want to be fair on what I charge and I will be reaching out to a few bookkeepers I know to get their thoughts as well. I wanted to present this here to get some feedback from rental property owners (I know most of you here are motivated enough to do the bookkeeping on your own). 

My quick thoughts on what to charge while starting are this:

- A one time fee of $100 for each entity that is set up in QBO - $300 for the three entities mentioned above

- $100 monthly fee for bookkeeping services for each property (this would cover my $25 for QBO for each property, state & federal income taxes, business expenses,  plus the work I do). He currently is buying SFHs, so I would have to maybe adjust this if he started purchasing properties with multiple doors

Please let me know what you think of this and if there is anything else I should be thinking about that I've left out. I feel this is in my wheelhouse as I already oversee the books for 20+ commercial real estate entities at this time. 

Thank you for the update

These seem to be conflicting reports. Does anyone else have an opinion on this subject?

I had a friend ask a question related to the capital gain exclusion on the sale of a primary residence. Currently you must live in the residence 2 out of 5 years for eligibility. As I understand it, this will change on 1/1/18 to where you must live in the primary residence for 5 years if the tax laws are changed. I am not up to date on any revisions that have been made, so is this still the case? Also, he asked if refinancing the property would start the clock back over. If I am reading IRS Pub. 523 correctly, this won't matter, would that still be correct with the new tax laws?  

@Zachery Buffin 

PM sent, but I thought I would also put it here. I think Pinewood Social would be a great place to meet up

Great responses in this thread so far. I think I could make a weekend meeting! The only time I'd be unavailable would be when a Tennessee football game is on. 

I will try to make it to this event. Hoping I can get off work early enough to make it. 

@Brian Bandas What time do you think the event will run to?

I would love to go to something like this. I'm a newbie and would enjoy hearing from people in the business, but it will be hard for me to make the 4:00 meeting. I also work a 9-5 job.