All Forum Posts by: J Sheth

@ Dan Tutolo. Same question here. My CPA is cliueless w.r.t. PPP guidelines as relates to single-member LLC who do not draw regular W-2 salary. Does P&L of all properties count as gross income?

PPP not an option if payroll is only based on FICA. Anybody receive any funds from EIDL?

A property purchased at Courthouse foreclosure often come with liens. Delinquent HOA assessment not paid by the foreclosed owner is a common problem that becomes the burden of the new Buyer, who has to settle with the HOA.

Do the (sometimes) excessive HOA back dues increase the Cost Basis of the property that can be written off against ordinary gains or does it expense out (as passive income) on IRS Schedule E? My Accountant is unsure.

Any suggestions in dealing with HOAs that are not willing to discount the back dues owed, even from their failure to prosecute the delinquent prior owner only because their CC&R allows them to claim everything and the kitchen sink?

An advise with annotated references or useful links much appreciated.

Hey Folks, I could really use some good advise here.

I recently purchased a Condo at foreclosure and then received a letter from the Legal office of the COA claiming that I pay a huge amount of back dues that had accrued from the prior owner, who never paid a dime from the day he became owner several years ago. The HOA has done nothing to pursue the delinquent owner, even though their By-Laws specifically state that termination of prior ownership does not relieve the delinquent from any liability or obligations.

I am also aware that new "Kaufmann" language in the Condo by-laws allow the HOA to seek back dues from a new owner (unlike REO/Banks whose liability is limited to 12 months), which does not exist in the current By-Laws.

The HOA has gone through multiple Management office changes none of whom have acted on this account in over 7 years. I am looking for best advise to shut done this bogus claim without having to go through extended/expensive litigation. All advise welcome. Thanks in advance.