All Forum Posts by: Lance Lvovsky

And any excess start up costs over 5k (or any costs that don't get deducted due to phase out) are also amortized. Amortization is over 15 years i.e equal amount expensed over 15 years

You can't just write off expenses just because you have a LLC. Costs incurred before you are in business (in this case before you acquire your first rental) are start-up costs and needs to treated as such. Start up costs are deducted up to a limit of 5k to the extent your total costs don't exceed 50k. If they exceed 50k, the amount that can be expended is reduced dollar for dollar. In that case, start up costs are amortized.

Austin Richey Good luck in your search! BP is the place to be for you. Don't hesitate to reach out if you have any questions.

Viral - welcome to the forums! Finding good cash flow deals for multi family properties is difficult nowadays in Broward county. Nevertheless, good luck in your search! BP is the place to be for someone like you. Should you have any questions, don't hesitate to ask.

Ettalii Khalid There are some deals to be had in Fort Lauderdale area, but not the same like it was the past couple years. Good luck with your search. Feel free to message with any questions.

There are plenty of us CPA's on here that work with remote clients. If you are looking for someone local, I would ask other RE investors in your area. I don't know of a good Seattle CPA I can refer you to if you do indeed want someone local.

Are you claiming an actual expense as a deduction? Or are you trying to deduct a "reserve" amount for management fees. Generally, one need to actually pay out money to get a deduction.

Stephen Craig Welcome to the forums! Feel free to direct message me with any questions you have about your real estate investing. I am close to you, and would be happy to help. I have done quite a few cash out refinances so am familiar with this technique. Also, a lot of my clients (I am a CPA) invest in real estate so I see this all the time.

Members of a LLC are taxed on their share of pass-trough income. Generally, you are not taxed when you take money out of the LLC (distributions). Rather, you are taxed on money that is earned in the LLC and passed through to you on a Schedule K-1 (assuming you are talking about a multi-members LLC). Be sure to consult with your CPA.

If your wife's W-2 income is greater than $300,000, then passive losses from rental real estate cannot be deducted against W-2 income. This is the general rule.

Based on what you say above, however, you may qualify as a real estate professional which means losses can be deducted.

Feel free to message me with any questions.