All Forum Posts by: Janet Behm

Tyler,

Congratulations!

You will NEVER FORGET...your first...

Schedule E.

Do a local search for Certified Tax Coach. These folks specialize in tax strategy for REIs

Anthony,

Michael is EXACTLY right.

"Tax advisor" is a relative term.

A generalist "tax Advisor" will not have the time to research all the ways a dedicated real estate advisor will, to research fine points of tax law and strategies.

4th Quarter is the perfect time to find the real estate advisor you REALLY need.   

Kory,

Good point.

We are a small boutique bookkeeping, tax, and Tax Strategist shop. One industry: Real Estate Investors.

Every manager is an REI.

We love our niche and love our clients.

Thanks for the Reply to this post, Janet

Chance,

Contact 
Jeff Breglio, Law

His firm specialized in RE deals.

Check out is REI University. Lots of free content and advice.

Anthony,

Good seeing you again!!

The tax code is like trying to pick up a night-crawler on your sidewalk. Slippery and hard to "grasp."

Real estate is complicated. You probably won't get much from an accounting firm that "specializes" in a half dozen different industries.

Look for help from firms that specialize in real estate, then look to see if they advertise 'being in your niche.'

When we niched "hard" I was amazed at all the stuff I had never heard of! A 'general' firm can't afford to do the research, DAILY, to identify the tax breaks available to an REI.

Karl, 

The County sometimes, makes WILD assessments. 

Call the County Property Tax Division, find out when they are holding "hearings" about adjustments. 

You have done EXCELLENT RESEARCH!

Take your research to them and present it.

They want their money...but it's not personal. I have found them to be receptive and agreeable...and adjust the property tax DOWN.

contact Raymond Sawyer. Tell him I referred you. He is brilliant.

I am wanting to avoid delete of this message 714.

Then this is the number 496. 

Finally, 7024 is the phone you want.

Good Luck!

Bob,

I am excited that you are moving into investing. 

You mention "strategy." This is not enough information to know if this is a good strategy.

I recommend you do a local search for "Certified Tax Coach." 

They will help you plan your REI trajectory, for cash flow and wealth. Those folks love to 'run-the-numbers' to help you see the consequences of various approaches.

Good Luck

Ali,

WARNING! WARNING!

Find a TAX ADVISOR, this week.

Properties in an LLC may not be subject to the half mill exclusion of capital gains.

Jason,

It depends on your accounting system. Are you using "cash accounting" or "accrual accounting?"

Cash, the date it is paid. 

Accrual, the date is is owed.

There are MANY benefits to using accrual. 

Check with your tax pro for advice specific to you and your business.