All Forum Posts by: Paul Chapey

Has anyone received their April distribution? I haven't, inquired yesterday and no response yet.

Perhaps ears are ringing...

I received this communication today from AHP:

Dear Investor,

We are finalizing 2019 Schedule K-1’s and you will be able to access these next week through your dashboard. The Federal K-1’s will be available first, followed by the Illinois state K-1’s.

Illinois requires that we withhold taxes from non-Illinois residents and this will be identified on your Illinois Schedule K-1-P(3) line 19. If you live in a state with its own income tax, you might be allowed to credit your Illinois tax against your own state’s income tax.

For all investors utilizing a Trust, Tax-Advantaged (IRA, 401k, etc.), or Entity account please review the following choices carefully:

CHOICE #1: You can choose to join in our “consolidated” Illinois tax return. In that case, you don’t have to file an Illinois return and we will withhold your Illinois tax liability (equal to 4.95% for Estates/Trusts & 7% for Entities of your Illinois income) from the April distribution. If you live in a state with its own income tax, you might be allowed to credit your Illinois tax against your own state’s income tax. The Illinois tax can also be claimed as an itemized deduction (if you itemize deductions) on your Federal return. If you select Choice #1, there is no need to respond.

CHOICE #2: By completing and returning Form IL-1000-E, you can choose NOT to join in our “consolidated” Illinois tax return. In this case, we will not withhold any Illinois tax and you will be responsible for your own Illinois tax obligation, including filing an Illinois tax return. If your account is tax-advantaged, there may be no liability and completion of this form may be appropriate. Please consult with your tax professional.

If we do not receive your completed Form IL-1000-E by Friday, April 17th at 12pm CST you will be deemed to have made Choice #1. Filling out Form IL-1000-E simply shifts the burden of tax withholding from AHP to you and it does not get filed with the state of Illinois. 

Here are instructions for filling out Form IL 1000-E.

Section 2 – Fill in your information. Tax-advantaged accounts may select “Trust”.

Section 3 – Sign and date.

Please return completed form to (edited out because of Bigger Pockets Posting Algo Police)

If you have further questions please consult with your own tax professional with any questions. We cannot provide tax advice or recommendations.

@Bob Malecki and @Jay Hinrichs bring up good points, but AHP should communicate such to their investors with a whole lot more transparency.

@James York Hi James, What size and quality level house are you building in Concord? Can you share what your contractor is charging you?

A few years ago, I flipped a house on Diary Farm Rd in Concord. It worked out very well. I live in Mooresville now.

Best of luck and success.

@Anthony Giuffrida  I'm in Mooresville. A good source for contractor information is the "Charlotte Real Estate Investors" group on Facebook. It has a very large and helpful membership. Good luck on your project.

@Evan Erwin Search Facebook for Charlotte Real Estate Investors. It a large, private group where you'll find lots of contractors and others willing to help you. You'll get immediate responses. Good luck.

@Robert Fornwalt That's a very good question. You should ask Groundfloor.

@Paul Bommarito I sent my email to Brian at the invest@.... address. He's been the only person I've communicated with in the past. The response wasn't signed Brian and neither have his numerous other emails in the past year. Perhaps even other responses were from another person. Since I directly addressed him, I'm surprised that whoever responded to me didn't point out that he/she wasn't Brian.

I sent Brian Hamilton an email today after seeing these posts. He responded in a few hours.  

@Ryan Gardner This site will tell you everything you want to know:

https://photographyforrealestate.net/