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Cost Segregation???
24 April 2024 | 30 replies
More can be found out on the IRS website The Cost Segregation Audit Techniques Guide3.
Patrick Hancock
Can you have too many LLCs?
24 April 2024 | 18 replies
Avoid risk, which means do inspection and safety audits.
Hannah Potter
When to hire a CPA?
19 April 2024 | 15 replies
This cost is often justified by the value added through their expert advice, ensuring compliance, optimizing your tax return, and potentially saving you from costly mistakes.Audit Support: Another significant advantage of a CPA is their ability to represent you in the event of an IRS audit.
JD Smith
Second Home/Vacation Property Loan (10% down) an option?
20 April 2024 | 24 replies
In an audit, you’d need whatever info they demand.
Jason Turgeon
Real Estate Software Roundup (long)
20 April 2024 | 33 replies
But since the IRS can look back up to 7 years for an audit, that's not really helpful, and the IRS is also rumored to not be satisfied with spreadsheet downloads.
Berry Starnes
Cost segregation/Bonus Depreciation STR in Sevierville/Gatlinburg/Pigeon Forge area
18 April 2024 | 8 replies
It's a budget friendly option to some of the other services, and they have engineers on staff + audit defense, but the more expensive cost seg companies ($1500-2500) will actually do walkthroughs of your property via Facetime to more granularly estimate components of your structure.
Jonathan Small
How to account income from multiple properties on a single 1099
17 April 2024 | 6 replies
This actually might be illegal of your CPA to suggest since they can't do/suggest things for the primary purpose of manipulating the audit regime of the IRS as it violates our code of ethics.
Jarrett Fogelman
What’s your views on getting Solar Panels?
18 April 2024 | 27 replies
Have free energy audit done by your electric company5.
Gary Adams
Real Estate Investor
16 April 2024 | 7 replies
The three tests outlined above are applied annually, so you may qualify as a real estate professional in one year and not in other tax years.It is also very important to document material participation.To meet the requirements of real estate professional status, it’s essential to keep detailed records of activities and time spent working on the properties so you can verify your real estate professional status in the event the IRS decides to audit your return.For example, you may keep a contemporaneous appointment book, calendar, or narrative summary of the time spent performing real estate activities.
Chuck Masters
Insurance for Properties in Florida Land Trust
14 April 2024 | 17 replies
While using a QCD may encourage the Clerk to accept the deed for recording it won't help if the DOR decides to audit the information provided with the conveyance.