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All Forum Posts by: Account Closed

Account Closed has started 20 posts and replied 55 times.

Post: 1099?

Account ClosedPosted
  • Tampa, FL
  • Posts 55
  • Votes 4

Ran into this recently as well.

I asked my Tax Lawyer and CPA. While its generally advised to give 1099s [using the mantra: the more documentation the better], depending on your personal tax/business structure you may not be required to do so.

In my case, as a Sole Proprietor, my rental is 'passive' activity. Even while managing the property I will never pass the 750 hours rule, as I work full time for another company.

https://www.irs.gov/businesses/small-businesses-se...

I also dont own a corporation for Real Estate, nor am I a licensed professional. So I was advised that it's not necessary and checks/recipts would be enough to justify the expense.

http://www.auburnmainecpa.com/1099s-required-small-landlords/

Post: 1099

Account ClosedPosted
  • Tampa, FL
  • Posts 55
  • Votes 4

I asked my Tax Lawyer and CPA. While its generally advised to give 1099s [using the mantra: the more documentation the better], depending on your personal tax/business structure you may not be required to do so. 

In my case, as a Sole Proprietor, my rental is 'passive' activity. Even while managing the property I will never pass the 750 hours rule, as I work full time for another company.  

https://www.irs.gov/businesses/small-businesses-se...

I also dont own a corporation for Real Estate, nor am I a licensed professional. So I was advised that it's not necessary and checks/recipts would be enough to justify the expense. 

http://www.auburnmainecpa.com/1099s-required-small-landlords/


Post: DBA to LLC?

Account ClosedPosted
  • Tampa, FL
  • Posts 55
  • Votes 4

Bumping this hoping for an answer. If one owns and manages several properties under a DBA, whats the best path forward to convert to LLC?

Post: Forming LLCs for a Duplex House Hack

Account ClosedPosted
  • Tampa, FL
  • Posts 55
  • Votes 4

I dont see how you can house hack leveraging personal finances through a LLC.

Post: Can someone recommend a RE:CPA to setup my QB file?

Account ClosedPosted
  • Tampa, FL
  • Posts 55
  • Votes 4

Hi guys, Just starting out and looking for a CPA who can help perform the initial setup of my (local) QB File based on my current situation (sole prop, 2 rentals, managing properties).  Recently purchased 2 wholesaled homes very cheap in cash and in the process of fixing them. Personal funds were used, and i'm in the process of setting up business accounts. Hopefully someone I can work with (remotely) and over the phone/skype and reasonably priced.  I'd like to get these initial expenses/costs entered into the system and manage bookkeeping from there.  I'd like to use the same CPA's services at tax time. Bonus: I'm also hoping for an efficient way to track receipts into QB. I'm using the 'Scanner Pro' app -> One Drive for now. Thanks!