All Forum Posts by: Jake Hottenrott

@Natalie Kolodij is right up in your neck of the woods.  Active on here, involved with real estate, read her posts to see her knowledge and credibility.  Natalie, is your client list still full?  Or do you have time to chat with @Hunter Motto?

@Sal Zafar and @Fred Shank send me a PM.  If you want only tax preparation with minimal planning/consultation I may be able to accommodate you or send you to someone who can. 

Confusing to you is straightforward to the IRS.  Everything has to flow properly to for there to be a trail of money to follow.  Just bookkeeping it is..... but there is a reason it's bookkeeping.  Because it's a record of the transactions and how the money flowed in and how it flowed out.  "Just bookkeeping" is a misnomer.  A good bookkeeping system keeps any trouble you have at bay in the form of properly completed transactions and records. 

Just remember, it's just a roof or it's just painting or it's just a basic purchase contract or it's just bookkeeping or many other justs.  All of those things when done properly save you time, money and headaches in the long run.

@Natalie Kolodij Thank you for the mention.  

@Jeff McNutt - I'd love to chat to see if we would be a good fit.  Feel free to PM me.

@Salvador Aldrett depending on the state you file in, the fees will differ. You can surely use legal zoom but most states also have fairly universal language on their LLC application. An attorney would be a great resource for more in depth questions regarding this.

Here's a blog post I wrote in on whether to LLC or not.

https://www.biggerpockets.com/blogs/5926/53215-questions-as-common-as-the-cold---llc

@Jon Krombein I wrote a blog post awhile back that covers this quickly. In short, if it's your first deal. I'd do it in my personal name to get the better rate and terms. That way I don't blow the money on the LLC/Tax work/Legal/worse terms if I end up hating real estate or never get beyond the number of deals I can have in my personal name.

Blog Post - LLC

@Bradley Chiakas, I'd be happy to help out.  PM and I can find out what you need and provide you with more information.

@Tim Wade what a beautiful place!  My wife and I took the plunge and added an AirBnB to our portfolio and it's working out splendidly as well.  We are definitely going to add on sooner, rather than later.

Regarding a CPA, you have options.  There are many good CPAs, EAs and bookkeepers here on BiggerPockets.  Many of use might be happy to work virtually with you if you like that type of communication.  If you need a more personal touch with a local individual, I'd recommend @Natalie Kolodij to you.  Natalie selectively takes on clients as her time allows, but a conversation with her would be a great starting point.

Best of luck and congrats on knowing to start out right by getting set up right!

@Hannah Leas I'm sorry to say, but it looks like not only did you not qualify for the full exclusion of the gain on your primary home (Pub 523) and that you did not hold it long enough for it to qualify for long term gain tax treatment.  Now for a little bit of potential good news.  You MAY qualify for a reduced exclusion under Pub 523 if the move was for work, health or unforeseen circumstances.  So that moving from state to state would only work if they were more than 50 miles apart (with a few caveats) but my quick google map search shows they are pretty close together.

To reduce that short term gain taxed at your ordinary income tax rate, I highly recommend finding all documentation related to the purchase to establish your basis.  All major renovations that you performed and the receipts and records for those.  As well as, using all eligible expenses from your closing statement that will help to offset that gain.  Good luck!  

@Natalie Kolodij, are you taking on new clients?