All Forum Posts by: John Duston

@Jeet Sangha

I can put you in connection with an attorney in Santa Barbara CA (le licensed in CA) for the trust. Minimizing taxes is more of an accountant skill

@Casey Roman

Sounds like a partner who can also qualify could be great use.

Show a year of income on taxes then amend to put things like auto back on. May end up having to part the tax though

@Ross Sib Ottolia is good. Don't know about the price

I'd message Katie for referrals. Most (good) CPAs including myself are very busy at this time of year and many wont be onboarding new clients until after tax season. 

https://www.biggerpockets.com/users/KatieL13

@Rory Kinnear

Which part of LA?

@Madri Koppe

Did you buy it in 2019 or 2020?

I'm an accountant in Santa Barbara so sure I've got some connections down there

@Alexander Berger

I'm also looking in that area for a first time purchase and don't know any of those answers as those are for a realtor

All those costs are going to add to the basis of the building then.

In terms of proving it one way or the other, the burden of proof is on you, not the FTB.

Also, I see you're from San Jose so I am wondering if your income will limit real estate losses.

@Bruno Mauro

Currently expenses are allocated between personal and the room rental.

Then the personal will convert to rental when you rent the whole thing.

For Lowe's, record at cost, not market value.

@Gaurav Mehta

Were you actively looking to rent it any time during the period?