I need some advise:1.

And must be pretty significant unreported income if it would have caused $45k in state tax liability.You advised your client to wait past the expiration of state statute.

I'm currently working with an estate planning attorney and she said she said we could put the LLC in the Trust but said she was not the best person to advise on the pros and cons of that and that we should talk to a business law attorney.

That is subjective though - I just advise my exchange clients to understand that number and understand their exposure.

Reasoning for asking this is that it could potentially be a beneficial long play on acquiring a property through assumption, and as we go down in interest rates, utilize this monetary benefit to refi as it comes at a mere .5%.

Do not communicate with the tenants except as advised by the attorney.

I would advise finding an investor friendly realtor when you choose a market.

Therefore, it is advisable for the client to consult with their CPA to receive personalized guidance tailored to their unique financial situation.

Self-managing from out of state has been doable, but the challenges have added up, and I’ve realized I’ve missed things that could have been avoided with closer oversight.If you’re just starting and don’t already have a strong local network, I’d advise against self-management from out of state.

It is the most popular software in the industry, and most Tax Preparers are familiar with it, which makes tax season easier.However, many on the forums will advise against QBO.