Daniel Murphy
Oddball youtube / rehab tax deduction question
I've had this question in my head for a while and figured I'd finally ask it. Let's say you created a youtube channel for the purpose of creating a following & eventually making a profit. A DIY maker type channel...
Account Closed
Ask me questions on Real Estate Tax Strategy or Investing
As a specialized real estate CPA, I'm here to provide expert guidance on your most complex tax matters, from navigating 1031 exchanges and cost segregation studies to optimizing your rental property deductions and han...
John Morgan
Anyone ever get audited by the IRS?
Just curious if anyone has ever got red flagged or a random audit from the IRS for their rental investments. I haven’t yet, but wondered what that experience was like. I keep good records, but hope I never have to go ...
Matthew B.
Personal Vehicle Used (Almost) 100% For Business
I have a personal vehicle that I use almost exclusively for business. If I put 10,000 miles on it in a year, 9,500 are for business. I track my mileage religiously, but accountant always tells me I can't report all of...
Chris Seveney
Easiest Predictor Of Losing Money In A Fund
As someone who has worn both hats as a GP and a LP - here is a statistic which to date has had 100% accuracy in determining if the investment will not end up successful.What is it?Having Audited financials completed o...
Matthew McNeil
Partnership LLCs Required to Adopt New Tax Audit Agreement
I came upon this recently and wanted to share it because I'm not seeing it in other posts. The Bipartisan Budget Act of 2015 effective January 1, 2018 requires all LLC partnerships to adopt a Tax Audit Agreement. Bu...
Abad Marroquin
Cost Segregation Study Question
Hi BP community. I bought 28 apartment units in Georgia in June 2022. I am looking to hire a firm to do a cost segregation study. In one of the quotes, the agents gives me the option wether to authorize the his firm t...
Account Closed
Schedule E Red Flags
Hi,I looked on my returns this year on my schedule E and on one of my rentals my CPA didn’t put an amount in my utilities section. Would that be a red flag for the IRS for audit? The building is a multi family 6 unit....
Julio Gonzalez
Elements of a Quality Cost Segregation Report
You’ve decided to get a cost segregation study on your real estate property, but you aren’t sure how to determine which company to choose. It is crucial that you select a company that provides a “quality” cost segrega...
Michael Plaks
EXPLAINED: IRS audits - debunking common myths
Myth 1. IRS audits are very common / IRA audits are so rare that you can forget about them
The latter was true during the recent Covid years. We recently had an under 1% audit rate. However, two things are good to re...