Robert Haney
Poll: Who has a "checkbook control" IRA LLC ? Has IRS audited u?
I have a self-directed Roth IRA and set up an IRA LLC with a checking account for checkbook control. I'm the manager of the LLC which my self-directed IRA account owns.Some Self-directed IRA Custodians (usually trust...
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...
Julio Gonzalez
BiggerPockets - Tips on How to Avoid an IRS Audit
When most of us think of having the IRS audit us, we get anxious. Audits can be very expensive, invasive and ultimately time consuming. Some audits are inevitable. However, there are multiple preventative measures tha...
Dan Lucchesi
Cost Segregation - A Red Flag For the IRS??
I have been investigating having cost segregation studies done to two STR investments I own. I'm getting some pushback from my CPA of several years. He is a former IRS auditor, before going out on his own. He is defin...
Mary Jay
Deductions that are too late to deduct during an audit
Hi guys,I never claim my home office on my taxes and I was thinking that when I have an audit, and the audit finds something, then I can use the unclaimed home deduction to offset it.But then Ive heard that some deduc...
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...
Michael Plaks
EXPLAINED: "Real" cost segregation vs. DIY cost segregation
When your property is relatively inexpensive, say $200k, and you want cost segregation applied to it - is it worth it to hire a cost segregation firm and pay their fee? Before we explore this question, an important re...
Account Closed
Do you have employees or contractors???
I have seen a dramatic increase in the number of audits of both state and federal agencies around the use of contractors. Be aware that it is not uncommon for the IRS to pick returns that are three years old to audit...
Susie C.
Online Cost Seg Companies for Residential
Anyone use online resources for cost seg? Cost is ~ $400-600 vs $1500-2000. I own a condo and SFR I want to cost seg. Companies I've found and the cost they would charge for 1 property under 500k
KBKG - $450 - (audit...