All Forum Posts by: Chris Picciurro

You first want to talk to the mortgage company and determine if you can deed the property into the LLC or is there a "due on sale clause". If you can move the property, the next step is to form an LLC. There are many opinions on this. From the tax side of things there is no benefit. Legally (and I would consult an attorney) you are picking up asset protection. I would form a Florida LLC and use a registered agent there. If you have any questions feel free to shoot me a direct message. Good luck!

P.S. - where is your STR? We own some in Panama City Beach.

Good evening Ginger. I would highly recommend using software to track your hours. I personally use REPsTracker. If you send me a direct message I will happily share a discount code. You also want to make sure the hours you spend in real estate qualify into one of the "countable" categories. 

Very good responses. I focus on the value of the relationship. I am happy to pay a management fee if the advisor is bringing other relationships and resources to the table. 

Andrew Poulos is a really good EA in Atlanta. A personal friend and professional - https://www.poulosaccounting.c...

Good morning @Levi Crawford. We live in Franklin, TN but are active in the panhandle when it comes to real estate. I would get involved with some real estate groups down there, even if it is a Facebook group. Just my opinion - 30A is very nice but not a good investment from a dollar perspective. Great place if you want to recovery most of your costs and use it for a couple week with the family. When is the next time you are going down to the panhandle? I am happy to introduce you to some resources.

Great question - it is very difficult to find a real estate focused CPA firm that is accepting new clients thus you might want to expand your geographic scope. I am in TN but we have clients all over the country.

This might be a weird answer but I would do both. Most of your clients will want you outside of your automobile technology time. Put a solid 3 years into automobile technology and bank as much money as possible. Focus on establishing relationships and obtain the real estate license. Great to see an ambitious young person out there!

Thank you Victor! Happy to help as you will be subject to the TN Franchise & Excise tax return. Please message me for more information.

@Henry Clark - as a US tax resident you are required to pay tax on worldwide income. That said, capital loss harvesting and an investment in a business with depreciable fixed assets can offset the timber and LT capital gains. 

Thank you for the replies. @Alex Garcia - if the purpose of your trip is business related than travel expenses are deductible. If it is both business and personal, you will want to allocate the expenses between the tow. Doesn't matter if it is LTR/STR. IRS travel guidance has additional details and this will make good content.