why is that a problem for you?
Accounting services
- Thread starter Q.E.D.
- Start date
why is that a problem for you?
I've shared this before...I've had 3 CPAs over the years.
The second one, I told him I was interviewing him. He said "I am interviewing you"!! Reading between the lines, he wanted to know if I would pay him. Do I have a history of paying my CPAs (on time). Do I try/press for strange deductions...Have I triggered audits before?? Are my books clear for him to easily put in the computer.
My current CPA is not good in business...He would give me bad investment (distribution) advice. But he is good with the books and had a good reputation with the IRS...He is also cheap.
No one talks anymore to the neighbors. Talk to people, talk to bankers you know. Talk to other investors in your area. If the same name comes up again and again, you have found the right person...
PS A little tip. Realtors can be a good source. They have to have their pulse on what is going on in your area. They network better than chiropractors!!
The second one, I told him I was interviewing him. He said "I am interviewing you"!! Reading between the lines, he wanted to know if I would pay him. Do I have a history of paying my CPAs (on time). Do I try/press for strange deductions...Have I triggered audits before?? Are my books clear for him to easily put in the computer.
My current CPA is not good in business...He would give me bad investment (distribution) advice. But he is good with the books and had a good reputation with the IRS...He is also cheap.
No one talks anymore to the neighbors. Talk to people, talk to bankers you know. Talk to other investors in your area. If the same name comes up again and again, you have found the right person...
PS A little tip. Realtors can be a good source. They have to have their pulse on what is going on in your area. They network better than chiropractors!!
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I've got a question I bet you can answer.
Say someone's mother bought a house 10 years ago, for $300K. She dies, has a will that places the house in a trust for her 3 kids to do as they please. They decide to sell it, and it goes for $700K.
Does the trust have to pay taxes on the $400K? And if so.... does the 1st $250K still come off using the capital gains exemption even though she is now deceased and technically the house has changed ownership?
Way over my head...A tax attorney (who set it up) can tell you in one minute. Certain states (California being one), may withhold a certain amount (to make sure they get their part if owed). You would get the state stuff back at tax time. Hopefully the mother's attorney did the correct tax planning to make it simple.
The thing is, there are about 20 types of trusts out there...It can be a blessing or a curse depending on how it is set up!!
I will say this...If you are one of the kids that is not the executor of the estate, you will not get as much money as you may think. The attorney who handles the estate will get about 6% (depending of the state), the real estate agent will get 5-6% + escrow and title fees, the executor of the estate will be entitled to about 6% (depend on the estate).
Estate sales make pennies on the dollar (when all is said and done). There could be major repairs that need to be done to sell the house (see structural pest reports).
Set expectations low...Whatever you get, you get.
Thanks Cabin. Lol though it's not me, I'm trying to buy the place and I'm trying to figure out a carrot I can dangle in front of them and convince them they'll save money. Ok... well thanks. You seem like the good planner type, thats why I asked.
Thanks Cabin. Lol though it's not me, I'm trying to buy the place and I'm trying to figure out a carrot I can dangle in front of them and convince them they'll save money. Ok... well thanks. You seem like the good planner type, thats why I asked.
One last thought...
The two biggest issues for most houses (besides the structural pest report...Remember it is usually separated between sections 1 & 2), is the roof and the heater/air conditioner. Look at both of those closely...Big costs to repair/replace.
Lol... Yeah I know. Thanks. I appreciate that.
I have another good stock for you btw. I'll PM it.