All Forum Posts by: Stanley Bronstein

@Scott Matthew C. I see messed up contracts all the time, but what you're describing sounds like a total mess. Run, don't walk ...

 Why am I getting flashes of the gun store tenant from the movie Pulp Fiction from your comment ?

@Kate Friedrick IF YOU HAVE THE MONEY, you might want to overpay on the payment you send with your extension. That way you minimize the risk of incurring penalties and interest. If you overpay, you can either request a refund when you file, or you can simply apply it to your 2019 taxes.

@Kate Friedrick If you can summarize your receipts by category and put them into an Excel spreadsheet, that will probably reduce your costs, as the CPA will need to do that (if you don't do it for them).

Also, remember, AN EXTENSION IS AN EXTENSION OF THE TIME TO FILE.  It is NOT an extension of the time to pay. If you owe any tax (or think you will), you need to pay it along with the extension, or you will incur penalties and interest for paying late.

@Dave Foster I thought it was pure genius !

@Dave Foster Thanks for the confirmation. I'll give you an even better one. Have you ever heard of a Disregarded Limited Partnership?

Someone from a big law firm showed me this several years ago, when limited partnerships were preferred in Texas because they were taxed differently from LLCs.

You have the typical General Partner and Limited Partner structure, EXCEPT the GP and the LP are the same entity.

It's 1% GP and 99% LP, but since they're both the same entity, it's 100% taxpayer and it's a disregarded entity.

Snazzy ...

@Dave Foster - If it is a husband and wife and they're not in community property states, what about doing 2 separate LLCs that are disregarded entities. One is the husband's solely owned LLC (so it's a disregarded entity) and the other is the wife's solely owned LLC (so it's also a disregarded entity).

I've never had to do this because I've always worked in community property states, but have you seen taxpayers do this in non-community property states?

Expunging may not always get it done.

For example, the Arizona licensing application asks HAVE YOU EVER BEEN CONVICTED. My understanding is that if it's expunged, you might not have to disclose it to a prospective employer, BUT I'm not so sure that means you don't have to disclose it to the state's real estate department.

I was contacted some time back by a prospective real estate licensee who had a felony theft conviction (embezzlement) on their record from 20+ years earlier. They had previously had it expunged. I still recommended they hire an attorney who specializes in taking (and winning) cases with the state's real estate department.

I highly recommend you do the same.

@Steven Gilbert I'm not trying to be funny here, but I would say look for the forms at your local insane asylum, because in my opinion, someone would have to be insane to do a syndication without having an attorney on board.

I know as an investor, the first thing I would want to know is, who is your attorney?

With all that said and done, I agree that there is nothing wrong with trying to learn as much as you can.

@Ryan Wamsat While I take this lawsuit seriously, it makes me laugh in some ways. I can't tell you how many times I've represented a Buyer and my commission has been reduced and I had to NOT press the issue, because it would have killed the deal.

In essence, I had to put the client's interests ahead of my own (which is what you're supposed to do).

Of course these are commercial deals, so the experience of residential agents may differ.