All Forum Posts by: Greg O'Brien

@Jay Yoo The Regs have Seven tests. 100 AND more than anyone else is a test.

@Liz Caskey unfortunately you cannot use Accelerated/Bonus depreciation on Foreign assets.

@David Pimenov no. Lots of scams out there we’ve see . You are taxed on your worldwide income.

@Tony Sorensen Tom is extremely smart and has excellent content. There are many threads on BP with reviews and experiences.

Like others said, look around for tax strategy focused firms and talk to a few that may better fit your needs!

@Corinna Woodcock this was a Partnership? If so that is pretty standard for a one off fixed fee.

Nothing is apples to apples though when it comes to scope and pricing. Every CPA bills differently and includes different items. Some bill fixed fee, some hourly, some have subscription models.

What did this include? Was all bookkeeping reconciled etc?

@Connor Benn Id agree be proactive. Education and Implementation is the name of the game.

@Jon Martin the rules have been around since 1986! The “loophole” is just a specific subset of Regulations for transient rentals, which have been around forever, but of course became more popular recently.

The IRS cannot change the law so it will likely not change until a major tax package gets passed but even then, this isn’t a blip on the radar of tax policy.

@Andrew Caldieraro read this! https://www.biggerpockets.com/forums/530/topics/1056436-clearing-up-confusion-on-tax-treatment-of-short-term-rentals

@Jon Fletcher no, there’s no hard and fast rule. Technically, the IRS could pursue the Substance over Form doctine if they believed this was all done for tax avoidance in pre planned steps.

Basit is correct. So long as both are passive they’ll net.