All Forum Posts by: Randall Tannen

@Kirsten Crotts there are a number of competent tax professionals on the forums here. Pick a few and message them to see who will work best with you. Good luck!

@Amber Forkey if the trash removal company is a C-Corp or S-Corp (or an LLC taxed as such), no need to send. Also, there is an exception for payments to a tax-exempt organization.

@Carrie Zhang the Hudson Valley market has been and remains hot, with less inventory/higher rates. This is probably more of the issue (i.e. finding a sensible entry price) than deal size (solo or with a partner).

@Connelly Pankow it's per rental unit

@Austin Latty Yes, but consider getting with a real estate tax professional sooner than later. 

@Corben Briggs are your books clean so to speak, or do they require adjustments by your tax professional? this can drive costs significantly if (many) adjustments are needed. Of course, other factors drive costs as well, as previously discussed, and more.

@Lora Krulak I may be biased, but having a competent real estate focused tax professional on your team is a big one.

The answer is….it depends. As a real estate agent, have you met the requirements for real estate professional status? Separately & generally speaking, around 25% of PP will be eligible to be depreciated as 5, 7 or 15 year property.

@Austin Latty  Excellent advice provided above here for you! In fact, there are a number of competent tax professionals on the forums here. Pick a few and message them to see who will work best with you. Good luck!

 Sounds like you didn’t get what you agreed to and paid for then. @Michael Plaks shared two excellent posts detailing why there may have been a misalignment between expectations and reality. Reach out to a few tax professionals and see who may be a better fit for you. Good luck!