Account Closed
DEBUNKED: "Managing your property manager" does NOT count towards REPS hours
6 April 2024 | 12 replies
Im sadly here to tell you that under audit, and we have 100s of court cases to back this up, that this WILL NOT FLY.
Jessie Dillon
what's your personal guideline for how much to keep in reserves per property?
5 April 2024 | 12 replies
But if you have commercial type loans, you may not have much of a choice and HELOCs do not count when you are under audit.
Noah Condon
1031 Exchange for Flipping
4 April 2024 | 5 replies
It's not common (because audits are rare), but this type of reclassification does happen and is messy when it does.
Justin Strait
Anderson Business Advisors
2 April 2024 | 27 replies
I have CPAs for tax questions and taking care of the LLC returns, as well as for any "random" state audits of the LLC (which do happen - they claim they are random, but they are looking for LLCs not paying state unemployment taxes).That's all I have needed for over a decade of being a part of multiple different business ventures.
Davit Gharibyan
Corporation or LLC
30 March 2024 | 10 replies
A distinct LLC for management establishes a record-keeping division between property ownership and management activities, which may be useful for bookkeeping and upcoming audits, even though income still flows through to you.
Cliff Benner
BPCon 2024 Location?
29 March 2024 | 32 replies
And during the Audit the auditor thought my wife was buying gooddies for us personally and dissallowed anything related to the London Trip and the trip to Tel Aviv where again I have clients and had business meetings..
Jack Anderson
Cost seg study on a property after rehabbing
28 March 2024 | 3 replies
Is it a reputable company and will the documentation provided from the study hold up in an audit?
Jonathan Burkett
Can I charge my LLC rent vs home office deduction?
27 March 2024 | 11 replies
The home office deduction is ripe for an audit.
David C.
How to fund a solo 401k with rental properties
26 March 2024 | 9 replies
The risk is high that they will be recategorized by the IRS upon audit or examination, which means that you've overcontributed to a retirement plan.
Lahiru S Hettiarachchi Gamage
How to get the tax advantages against W2 income
26 March 2024 | 6 replies
Education and research hours, "managing the property manager" all have failed under audit historically.There is a lot more nuance here I could go into, but I would strongly advice you talk with a real estate-focused tax professional.