All Forum Posts by: John Duston

Are you set on finding someone local as FL doesn't have an income tax so there are any state-specific complexities? 

Depends. Search now if you want tax advice before you go in. Otherwise buy the real estate and then find a CPA; any tax savings will be icing on top

If you buy with the PA LLC, file as a foreign entity in NJ. Your account can get back to you on NJ filing requirements and if you'll need to file there.

When people file both, it is typically for a mixed-use property ie. a long-term rental with an attached short-term rental. This doesn't sound like that's the case.

I can claim the mortgage interest and prop taxes etc. on Sch c against the Airbnb income there.

Sounds like you need to talk to a CPA.

Keep your finances separate regardless of whether you set up an LLC or not. Get a bank account and card for your wholesaling business. Your accountant will thank you come tax season. An LLC is a tool for liability protection.

A big one too is that a lot of CPAs are not set up to do bookkeeping at a competitive price.

Also, it really helps to have two people so there are two sets of eyes to fix any mistakes.

Typically Filing Joint will have a lower tax burden regardless of whether you own a house or not.

I have connections in Austin.

The tax benefit is the icing on the cake. It isn't even available to a large number of people due to income limitations.