Prasad J.
DIY Cost segregation options for a 12 unit apartment
Im looking for a DIY cost segregation option for a small 12 unit apartment. The size doesnt justify going with a manual cost seg study with a vendor like ETS or so which would cost us over 5k. I came across this softw...
Ethan West
Tax Credits and I have no clue how to spend them!
I need some input on my current situation.
I got back $570K from the employee retention tax credit which I am allowed to spend however i'd like. There are a few ways to qualify and even though I consulted two attorn...
Matthew Orton
Possible Failed 1031 & Alternative? Deferred Sales Trusts?
I'm in the middle of a 1031 exchange with three multi-family properties identified and at the end of my 45 day window. I originally had two student housing projects in escrow and on day 43 of 45, the lenders backed ou...
Account Closed
Simple Seg Cost Segregation Company
Anyone use SimpleSeg cost segregation study? They advertise they can provide a study for under $300 in 10 minutes for residential under $500K.I have a home on the market I’m planning to 1031 exchange. Does it make sen...
Ben C.
Two member LLC vs single member LLC?
was told that a two member LLC is more favorable for flipping activities for two reasons:
1) much less likely to be audited vs a single member llc
2) much more difficult to pierce the corporate veil compared to a s...
Michael Plaks
Update on the current pathetic condition of the IRS
Sobering assessment from the annual report by the Taxpayer Advocate Service (a semi-independent branch of the IRS basically tasked with specific and systemic problem resolution):- 10-month refund delays on paper-filed...
Sosina M.
When to hire CPA vs use Turbo tax for small business?
I am at the early stage of my real estate investment journey with total of 4 properties and looking to add a couple this year. I have single member LLC and still have my W-2 wages. Until last year I was doing my taxe...
Mengqi Jia
Claim RE Professional status with W2 from full time job
My partner and I working full time with W2s and our income is above the $150k limit. AFAIK We can not use the rental loss to offset our W2 incomes without RE professional status.I understand it is usually tricky to cl...
Marcin G.
Tax Time
Got a question on filing your expenses regarding your rental properties. Assuming you are actively involved in managing your propertied for tax purposes :
Lets sat you have couple of properties.
Assuming you mix your...
Mary Jay
Only invoices work for tax deductions?
Is it true that if I wanted to write off an expense I have to have an invoice?I’ve always used the receipts that the handymen give me or my bank statements.Someone told me that the irs won’t accept that as a documenta...