Re: Capital Gains - Posted by Peter_MD
Posted by Peter_MD on August 26, 2003 at 09:07:54:
Today … not tomorrow, give a few CPAs a call in your area and set up appointments. You will be surprised but most can offer evening hours since the tax deadlines have mostly passed.
You should get the first consultation for free and they should be ready, willing, and able to provide you with concrete answers to the questions you posted.
Look at it this way, you’re going to need a real estate attorney and a CPA anyway … it’s just a matter of time. So, why not do it now when you have questions and they have answers (and the time to spend with you to discuss your concerns in detail).
Another suggestion. Go to the very next real estate club meeting in your area and look around for a CPA that is present … or ask others for a referral. The word of mouth referral (particularly in our practice) gives us a warm friendly non-adversarial introduction to people who really thrist for information and are appreciative of the time we spend with them explaining the complicated tax laws. BTW, several new laws have taken place (one in particular dealing with your subject of Capital Gains) just took effect in the new tax laws. Get someone to explain how it affects you and your business.
Lastly, you’ll never know it all on any subject. So, as Rich Dad professes, hire someone who knows the laws and how they work in your favor. It will be money well spent. Our astute clients always present a multitude of questions to us on various topics dealing with accounting and taxes. If we don’t have that particular answer at the tip of our fingers (or tounge) we get back to them with the answers. Some answers they don’t particularily like, but … we don’t make the tax laws, we just ensure they are enforced properly.
… and none of my rehabs ever had me working on any of the roofs, wiring or plumbing ;-D=
Good luck to you … in all that you do …