All Forum Posts by: Jared Comeau

Hey everyone. So, full transparency, I am the one within my small syndication of investors poor planning to get into the market in the next year. I am curious how much my consumer proposal which was filed January of 2019 is going to hurt our chances of financing. Am I holding the group back with my past financial situation?

@Basit Siddiqi

If we repatriate our money back to Canada though, does that disqualify us from the depreciation tax break? Does our money have to stay in the USA to be able to take advantage of that?

Good morning BP

I have a question this morning. I'm hopinganyone knows how the tax break works in the US for the annual depreciation on a rental property works.

How long does the depreciation tax break last on the property?

Does the tax break apply to buying an older house say from the 50s?

Finally, does the tax break benifit cross the boarder to Canada or do we have to leave 100% of our taxable net in the US and file our taxes with the IRS in order to qualify for the tax break.

Good afternoon BiggerPockets! I hope everybody is enjoying their Saturday!

So I just wanted to touch on ambition today. I was having a conversation with one of my partner's the other day, and I was telling him how much I just want to get into the market. We only started our education on REI at the beginning of the year.

Now, I'm a man of action, not standing idly by wasting an opportunity. My partner told me something but I never really thought about. Sometimes, having too much ambition can have a negative effect on many many aspects of your life.

This partner of mine is already a business owner, and he made me aware that having too much ambition can lead to burnout, stress, and a feeling of failure when things are going your way.

I suppose what I want people to take out of this post if they have not yet broken into the market and made their first deal is to not get overly ambitious. Have just enough ambition

to fuel your drive, desire and to get to the goal that you want to reach.

Have a wonderful day BiggerPockets and keep your eyes on the prize.

Yours in investing

How relevant are these books to x-border tax situations?

I'm a Canadian, will be investing in the USA, and Taxation is the next step in my education process.  Don't want to pull the trigger on a book that doesn't relate to my situation at all.

TIA

Thank you ALL for these incredible pointers and tips.

The quote he gave me was based soley on a 15 minute information phone call, so, from what I'm gathering, it was literally just a shot in the pitch black number.

Again, thank you all so so much!

@Lance Lvovsky okay, that's what I kind of figured. Which is why I was curious he told me two thousand a year. Thank you very much for your input Lance

Good afternoon BP.

So I'm still in my education phase of REI, and I just spoke with a CPA about setting up our legal structures and tax structure.

He mentioned that accountant fees are typically $2K/year.

I'm wondering if that sounds about right. If that's the case, in my eyes, someone's first deal would have to basically be a write off, as you'd be paying your yearly income, to claim your yearly income.

Does anyone have any insight into whether those numbers are RIGHT? If so, do you calculate accounting fees into your deal analysis?

@Stephen Fryer I very much appreciate that. Been talking with a few CPA's but, still very confused.

@Jaysen Medhurst awesome thank you for that feedback