All Forum Posts by: Lance Lvovsky

@Evan Loader

Michael is correct in that your state personal tax returns must follow the state issued K-1s. I am surprised how a CPA could prepare a state return without this document. As for the other errors made, either your CPA is sloppy, or your situation has gotten too complex for them. Consider hiring a new accounting firm who can assist you and advise you as to federal and state tax filing requirements.

@Mike Le

Not required.

@Simon Galvensor

Multiple options to explore. Depending on how much capital you invest in US, that will drive your decision. For example could create double corporate structure with foreign blocker but this is generally expensive to setup/maintain. Could find irrevocably discretionary offshore trusts. Could also obtain some life insurance to pay the estate taxes. Folks who are young and healthy can obtain term insurance for a few hundred dollars a year which can be used to pay the estate taxes and sometimes this option is cheaper in the end then implementing a complex structure. As I tell my clients, the numbers tell the story. Therefore without numbers getting crunched, impossible to tell.

You should consult with a tax advisor.

@Guillermo Lopez

Local investors or these boards are a good starting point.

@Sakib J.

Opportunity zone

@Manson C.

Generate passive income from another rental could be one option.

@Rudy T.

There are several CPAs on the forums with experience in this area. You should consider discussing the scope of work and tax filings with the CPA to understand of reporting and filing requirements.

@Ariel K.

As Michael said reading K-1s are not easy. Further, one must read footnotes and statements that go with the K-1s to fully understand tax reporting requirements.

@Jim Valdivia

The accountants on these boards have real estate experience.

@Ilan M Aliphas

State and local tax deduction at federal level (form 1040) is capped at 10k per year. Interest and penalties on late payment of income taxes are not deductible on federal return.