All Forum Posts by: John Paul Terragnoli

Wow, thank you for all the replies.  Yes, it is my first time using this professional.  Typically I get a refund, and when I provide my CPA with my account info, the refund is automatically sent there.  We ended up just paying directly to the government, but I'll ask my CPA if that's something we can set up for my payments next year.   Sounds like it can go either way, but I'd rather it be hands off.  

Sorry for the stupid question.  We got a notice from my CPA that our taxes are completed and have been filed.  He sent an email saying that we owe about $1000 for our federal taxes and $2000 to NY.  Question is, wouldn't it make more sense if he just used our bank account info to pay our taxes?  Or is it normal for your CPA just to tell you what you owe, then we have to mail in the printed returns/checks ourselves?  

Hey, did you ever start house hacking?  I started doing this in 2021 as well in a single family home by renting out by the room.  Thought it might be fun to connect!

Me and five friends are looking to buy a condo to use as an Airbnb. We'd like to form an LLC, each contribute our money to the LLC, then buy the property in cash. Once we have the property we will consider a refinance to pull some money out.

We all live across the country. The property is in NM so the one friend who lives there, as an active real estate agent, will be handling the closing process. He is the managing member of the LLC.

We've done this before under different a LLC, but this time we're in the middle of setting up the LLC paperwork (he talks to the lawyer tomorrow). Last time me and him signed a corporate resolution before I sent the money to the LLC. This records the transaction and specified that it must be used for buying ownership of the LLC. After the money is collected, the LLC operating agreement is finalized with percentage of company ownership and the temporary corporate resolution used for sending the money is voided.

However, a deal just sprung up and we're trying to operate fast. All of us would have to send money while the LLC is still being created. Obviously I trust him or I wouldn't be doing business. However, everyone keeps telling me to do this the professional/safe way, which is how I came up with the corporate resolution idea for last time. So, is there a quicker option that is still legally protecting? Im deployed right now so it would have to be a wire transfer.

I’m pretty new at all this. The last corporate resolution we did was my first real estate purchase ever. We closed in December and it’s going fine.