All Forum Posts by: Pauline Zhao

@Raphael Thomas hello welcome to Charlotte, I recommend Metrolina REIA, it's a great place to network with local investors.

@Carol Burns Hello Carol, I think you could do 1031 on the SFH, but you have 45 days to identify the property and 180 days to close. You may want to speak with local 1031 intermediary first. The mobile home and land maybe do a re-finance.

@Jonathan Taylor Hello and welcome to Charlotte! I recommend @Don Harris as an experienced realtor to the local market, and I am sure he will be very helpful to your questions!

@Jacob Holler Hi Jacob, I would do a cash out refi, or 1031 this property. If this is your home, I would hold it for over two years and sell it with no tax to pay :)

@Brad Cherry Hello, I recommend Metrolina REIA subgroups for meet up and their meetings. Those are great groups for network and build up your team for your investment. I am a real estate CPA local to Charlotte, and I investor myself. Wish you best luck on your journey!

Hello Kurt, something to consider might be commodities investment, especially oil and gas investment.  If you invest right, you can deduct losses form oil and gas against ordinary, even though your investment is entirely passive. Exploratory operations and development operations are the two types of investments that can create substantial tax benefits, if you simply invest in a stock of an oil and gas company, that won't help you. Usually the expense on initial investments spent on the first year would be a cost and would be depreciate or amortized over the life, however, oil and gas allows deduction at the first year. On top of that, you can also get to deduct 15% of the well's gross income each year as depletion. Something to bring on the table while you speak with your accountant.

Disclaimer: While I’m an CPA licensed to practice in North Carolina, I’m not your CPA. What I wrote above does not create a client relationship between us. I wrote the above for informational purposes. Do not rely on it for tax advice. Always consult with your CPA before you rely on the above information.

Hello Bigger Pocket Accountants, what is the best book for real estate tax tricks and strategies that you would recommend?

I am recently reading "Tax Free Wealth" by Tom Wheelwright, and I would recommend that. What about yours?

Thank you!

Hello, congratulations on your sales! No you won't be write off the purchase of another real estate property. What you could have done before the sale is maybe a 1031 like kind exchange so that all the gains can get deferred. I'm sure there would have been more options or arrangements that you could have done if you had consulted your accountants before the sales. At this point of time, you need to talk to your accountant right away about the situations and looking into the remaining options on the table. Since it is approaching the year end, you need to do it fast. Good luck!

Congratulations on your first purchase! I would recommend you use Stessa instead. As a CPA as well as investor myself, I have years of experience using both Quickbook and Stessa, there will be much more complex setting and mapping for you to use QB, and more costly. However, I believe Stessa is a great alternative and it is very user friendly for buy and hold investors, more importantly, it is FREE! Any one with a portfolio smaller than 10 properties, Stessa has everything that you need! It also generates a beautiful reports for the year end tax filing purpose.

@Damian Smikle

I recommend Stessa. The quick book software is a bit pricy and it is not very user friendly to investors. But Stessa is a lot more user friendly and you can run the IS for each property. Most importantly, it’s free!