All Forum Posts by: Vlad K.

@Account Closed meant to say in his latest post, is that all service businesses qualify for full deduction if taxpayer's taxable income is less than $157.5k if single and $315k if married, and the deduction will phase out between $157.5k and $207.5k if single and $315k and $415k if married.

@Tara G. Hi Tara, as someone who specializes in multi-state tax, I think it is a good idea to sell the property and finalize the sale PRIOR to the move, but only if you can sell the property at a gain, otherwise you want to sell that property after the move to CA. 

Also, after the move, please make sure that you properly document your move with the CA, by completely filing Sch CA. 

Please feel free to reach out with any questions. 

@Roy Gutierrez, It's hard to say for sure what has happened, BUT usually "assumptions" should be discussed with a client.  

The report that you gave him with $30k, was that related to repairs made during 2014? 

I can make at least a dozen of assumptions based on the information you provided, but I don't like assumptions when it comes to taxes. :) 

Can you try and provide some additional details? 

Hi @Ben C. Multi-member LLC is less likely to be audited than a single member LLC filing as a disregarded entity. If you elect to have the LLC to be treated as an S-Corp, the audit risk would be about same as multi-member LLC.

As for piercing the corporate veil, it depends how well you separate your personal affairs from business affairs. 

@Vikas Ahuja I believe different types of trusts have different filing requirements. Your attorney, who proposed this structure, should be able to explain what kind of trusts he is recommending and the tax requirements. 

Assuming the trusts have are required to file, you would have to file three trust tax returns (Form 1041), and your LLC would get three separate K-1s from the trusts. Your LLC then would have to file another tax return, and you and your partner each would get K-1 from the LLC.

Attorneys love trusts. 

 Good morning Raquel. You are very welcome! Feel free to reach out any time, I would be happy to help you.

@Ryan White Our firm does offer engineering-based cost segregation studies. Please send me a message if you would like to arrange a time to discuss, or feel free to send me an e-mail. 

Hi @Dane Price, @Michael Plaks would be a great match for your search, as he is in Houston, TX. 

If that doesn't work out, and if you are open to working remotely, feel free to reach out. Would be happy to help you.

Hi @Raquel D. Congratulations on the increased value of your house. Comparing to the 13 years relationship, the tax applicability is very easy. :)

1. If you get married and file joint return you will be able to exclude full $500k, assuming that your partner has lived in the house for 2 out of 5 years preceding the sale, and neither of you had another exclusion on sale of a house in the previous 2 years. 

2. You DO NOT have to wait two years after getting married to get full exemption, as long as both of you lived in the house for 2 years.

3. You DO NOT have to transfer ownership, you can be the only owner. 

To sum up, you can get married today at noon, and sell the house right after the justice of the peace pronounce you man and wife. :)

Feel free to reach out with any questions. I would be happy to help.

@Filipe Pereira Thanks buddy for the mention! 

@Russell Lavoie Would love to help you with any any tax questions / issues. The new tax reform is officially here, and my firm is going to a "bootcamp" mid-January to take apart major tax changes. Would be happy to talk to you.