All Forum Posts by: Tracy Tsoi

@Tom Wheelwright thank you for responding that. I just read the post and now, I almost signed up with one Cpa friend but she also told me I cannot offset my negative K1 losses, I want to schedule a second call with your firm.  one thing can you please help me to clarify that, can I still offset my negative K1 loss in 2019, and now is already 2020, is there are still strategy to use to offset my negative K1 for 2019? otherwise, can I roll over my negative K1 in 2019 to 2020 and turn my ordinary income to be passive income then offset them? thank you very much  

Thank you @Eamonn McElroy @Lane Kawaoka @Tom Wheelwright on the prompt response. I invested 3 syndication deal in 2019 as a passive investor (not Gp, Lp or KP). One Gp told me I can offset since I am a Full time realtor qualify as real estate professional but my cpa who suppose specialize in real estate tax and she told me I can’t.

For the past years, i am whole time work in real estate. So definitely spending more time than other activities. I am a realtor so I work for clients and myself as an investor (own a few singles, and few smaller apartments, also developed condos (sold), now pending develop single house and apartment with partner). but my cpa and cpa friend told me even I am real estate professional, I can’t offset the passive loss from syndication deal because it is passive loss. Passive loss can only offset passive gain. I may keep investing as passive investor and find my own deal. but in order to passively invest, the motivation would have to offset my ordinary income (majority from commission). I did some research and ask around, Gp said I can, my cpa, cpa friend said I can’t. If any of you know I can, I need a right cpa who say yes and do the tax for me correctly and legally. 

@Tom Wheelwright

I have talked to wealthability few months ago, Brad told me I may but not a guarantee which I understand. But this is the main purpose to sign up the program for offset the passive loss to my ordinary income and tax saving of course. Can you please help and clarify this for me. 

Hi,

I am a realtor for over 12+ years, I am also a real estate investor, I’m sure I spend more than 750 hours a year in real estate for myself and my client. So I do qualify as real estate professional, correct? My cpa told me I still can’t use the passive loss (negative K1 from syndication deal) To offset my real estate income (mainly commission). Is that true? Or I need to hire another cpa who do the tax for me? I search wealth ability refer from a GP in a syndication deal. Wealthability quoted me $15000 include tax planning and filing one personal and one business tax for one year? I am debating where to ask and go.  Pls help and clarify, and want to make sure to spend the money wisely 🙏🏻

Hi All,

Can you guys help me clear my question. I am a realtor and RE investor. Last year, I had told by several syndicator that I invest to their deal and will receive negative K1 then use those negative K1 to offset my ordinary Income include my commission from 1099 because I am qualify as real estate professional.
Now, I am preparing to file my 2019 tax return, my Cpa told me I can't use passive negative K1 to offset my ordinary income include commission because they are different category. Then I call different cpa specialize in real estate, 100% of them said I cannot offset. I can only use to offset the syndicate distribution and capital gain when they sell the apartment.

I then ask one syndicator, she insist and told me I can and ask me find another cpa that can help

She refer me to wealthy ability. Wealthy ability advise there should be a way around but I need to pay their service begin with $10k.
may I ask anyone of you know if I can really use that negative K1 to off set? I don’t want to Spend that $10k and end up unable to offset or did something weird in my tax return trigger the audit.
it would be greatly appreciate if any of you can know the answer and help

Hi All,

Can you guys help me clear my question. I am a realtor and RE investor. Last year, I had told by several syndicator that I invest to their deal and will receive negative K1 then use those negative K1 to offset my ordinary Income include my commission from 1099 because I am qualify as real estate professional. 
Now, I am preparing to file my 2019 tax return, my Cpa told me I can't use passive negative K1 to offset my ordinary income include commission because they are different category. Then I call different cpa specialize in real estate, 100% of them said I cannot offset. I can only use to offset the syndicate distribution and capital gain when they sell the apartment.  

I then ask one syndicator, she insist and told me I can and ask me find another cpa that can help

She refer me to wealthy ability. Wealthy ability advise there should be a way around but I need to pay their service begin with $10k. 
may I ask anyone of you know if I can really use that negative K1 to off set? I don’t want to Spend that $10k and end up unable to offset or did something weird in my tax return trigger the audit.  
it would be greatly appreciate if any of you can know the answer and help

I am investor in Los Angeles, never been to Out Of States. Want to find out if Moore OK is a good city to invest? Is it a tornadoes city? Want to get more local insight? Thanks