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5 November 2024 | 3 replies
(Roth's being an exception.)CPA Tom Wheelwright has a chapter on this in his book Tax Free Wealth and agrees with what I just noted.
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6 November 2024 | 5 replies
You should consult an attorney or CPA for your specific situation.ANONYMITY: When you create the LLC, your name is recorded on the documents and published on the Secretary of State's website for all to see.
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1 November 2024 | 22 replies
I am no CPA, but you should work with one that understands your goal..."
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1 November 2024 | 48 replies
Your CPA should be discussing whether or not your STR business provides substantial services.
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1 November 2024 | 0 replies
Examples of qualified improvement property include improvements made to the interior of nonresidential real property, such as HVAC systems or alarm and security systems.We refrain from making direct recommendations on Section 179 because we believe this decision is best made by the CPA, who completely understands the client’s overall tax situation.The decision to elect Section 179 is deeply tied to broader tax implications, including other deductions, income limitations, and future business planning.Your CPA has a holistic view of your finances and can help you make the right choice.TLDR:* Section 179 is a powerful tool for business owners and real estate investors, allowing immediate expensing of qualifying assets in the year they are placed in service.* Annual limits apply to how much can be expensed, with the 2024 cap set at $1,220,000, and investment limits that start to phase out when more than $3,050,000 of property is placed in service.* Not all property qualifies for Section 179.
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4 November 2024 | 7 replies
Now you get better cash flow, probably got a tax deduction due to the points (check with your CPA), and you don't need to worry about refinancing later.
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31 October 2024 | 4 replies
TurboTax or CPA - same issue.
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21 November 2024 | 305 replies
It racks up CPA fees, in my town if the property is in an LLC you need a lawyer to represent you in court for something as petty as a trash ticket.
5 November 2024 | 14 replies
I'm also asking for contractor, CPA, insurance, and legal references from the property managers and will speak with / cross-reference them before going forward with one.
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2 November 2024 | 8 replies
I have the same issue, I have been CPA for a while but now(thanks to RE investing) I sold my practice and pursuing construction/RE full time.