All Forum Posts by: Taylor Brugna

Elizabeth Z. Form 4797/schedule D. Sounds like something is wrong..Don't use HR Block etc. for real estate. You may find somebody that can do it, but the majority can't. Those places are designed for a simple w-2 and maybe a few 1099s etc. Hope this helps.

Alicia Mahase Ex big 4 and also from NYC..welcome and best of luck! Real estate is a good way to avoid working those crazy hours in the future :)

Justin Wren No need for a local CPA, it's more important to find one that aligns with your needs. By opening your search up across the country you dramatically increase the talent pool.

Dakota Mivshek Your client's parents can give 14k each as a gift and they wouldn't be required to file a gift tax return. Once they get over that threshold (if giving to one person only), a gift tax return will be filed. No tax will be due thanks to the lifetime gift exemption, but the amount of exemption will now be reduced going forward. Most people don't need to worry about gift tax, but estate planning becomes critical at multimillion dollar net worth levels. Hope this helps.

Justin Bender How long have you had the property? The sale would be subject to capital gains rates. Short term will be taxed at ordinary income rates and long term will depend on your income level. Make sure you have the cost basis calculated correctly (hint: it's not just the purchase price).

Edickson Then Welcome and best of luck!

Jack Smith It will slightly complicate things and you may be required to file in a few states, but it's nothing that a good accountant can't handle. Don't let that deter you from investing a market that you are interested in. If the numbers make sense, go for it! Hope this helps.

Marc Izquierdo With an S-Corp, there are two main ways to pay yourself. You are required to pay a reasonable salary, and you can also take distributions. The distributions are not subject to SE tax. This can make a significant difference in tax depending on your W-2 income. Hope this helps. Speak with an accountant to see if it makes sense for your specific situation. It doesn't always work out for people that have W-2 income.

Congrats everyone! Enjoy the parties tonight!

Eric Chan congrats and welcome!