Brainstorm on REI tax deductions? Ray@lcorn, Piper, Bud, Bronchick? - Posted by Millie I.

Posted by Glenn OH on March 05, 2000 at 20:01:32:

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Brainstorm on REI tax deductions? Ray@lcorn, Piper, Bud, Bronchick? - Posted by Millie I.

Posted by Millie I. on March 02, 2000 at 12:24:12:

Ray and the gang,

My tax attorney who has been doing my RE taxes for the last 10 years is quitting on me after finishing this year’s return. He is not a real estate investor, and he thinks that my business has out-grew his expertise.

So I would be looking for a CPA/tax expert specialising in real estate investments. I have read Jeff Taylors book on tax strategies, and consulted a financial analyst on pre-tax retirement plans, but I would still like to know as many RE investment deductions as possible that professional investors in CREONLINE use.

Ray, I vaguely remember you saying that your CPA would find every possible deductions he can find to reduce your taxes to the minimum. I like to know what some of the deductions are.

Piper? I bet you have a couple tax experts in your pocket, care to share your wisdom?

Bud, old friend, I am sure you have something to say.

Bronchick, I bought a bunch of your books, but none that I know of discuss on tax deductions, how about write one for us. See you in May at the Chicago RE Association.

Any tax experts, accountants, veteran investors and landlords, RE gurus out there care to join in a brainstorm?

I hope this will be fun,
Thanks in advance guys,
Millie I.

The Real Estate Investor’s Taxs Guide by Vernon Hoven - Posted by William Bronchick

Posted by William Bronchick on March 04, 2000 at 20:38:40:

The Real Estate Investor’s Taxs Guide by Vernon Hoven.

You can find it on Amazon.

Oh no, not again! - Posted by ray@lcorn

Posted by ray@lcorn on March 02, 2000 at 12:57:54:

Millie,

I learned my lesson last time you wanted tax advice… I don’t have time to get into another discussion like that! Besides, I can’t give you specific deductions to take because I have no idea what would and would not apply to your personal situation.

My advice would be this… network through your REI club or your bankers and lawyers. Ask for references for the most aggressive CPA in town. I would think Chicago would be full of them. You may also want to talk to a good tax and estate lawyer.(The two specialties are often, but not always, paired) Mine has the attitude that a 1040 is just a good first offer.

Once you have some names, then take the time to decide what your long-range goals are. Write them down. Interview the professionals with that information as the focus for discussion. Be organized. Have specific information available. Discuss your goals and objectives. Then pick the ones that you think can best help you achieve the job you need done, and that you feel you can get along with.

Be aware that you will have to spend some money to develop a comprehensive tax and estate plan. Look at that money as an investment that could pay 100% or more returns, because the cost of not planning is severely high, both short and long term.

Good luck!

ray

Re: Brainstorm on REI tax deductions? Ray@lcorn, Piper, Bud, Bronchick? - Posted by DougO(NM)

Posted by DougO(NM) on March 02, 2000 at 12:36:08:

Millie
I only recently started working with a CPA. Up to now I have done all my own book keeping and had a tax preparer do the returns. In my looking around, I spoke with George Yeiter, you may have heard his name through Ron LeGrand. I have spoken with George several times, and have some of his material. You may want to take a look at http://www.yeiter.com/ I decided to go with a local CPA firm because I didn’t feel my requirements were so unique (yet!) that I needed a RE Expert CPA, and besides, I wanted to plug into some of the local movers and shakers and figured a good CPA is one way to do that. It will be a good day when I outgrow them as you have, congrats to you! It’s a good problem to have.
Doug

Re: Brainstorm on REI tax deductions? Ray@lcorn, Piper, Bud, Bronchick? - Posted by John(NH)

Posted by John(NH) on March 02, 2000 at 12:30:58:

The MrLandlord web site currently has a free report for 250 last minute tax deduction tips. Check it out.
http://www.mrlandlord.com