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Subject Author Date
llc real estate questions lakepeir 01-21-2008
Posted by Katie on January 22, 2008, 11:30 pm
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> Gil Faver wrote:
> >> Gil Faver wrote:
>
> >>>>> > Find a CPA or Enrolled Agent to help you with your tax
> >>>>> > return this year.  That way you will get started off on the
> >>>>> > right foot!
>
> >>>>> > Katie in San Diego
>
> >>>> ...Katie's comment is right on target & is probably the most
> >>>> appropriate response to about 95% of the postings here
>
> >>> so then, we might as well just shut this group down.  Good
> >>> thinking.
>
> >> I think that comment is way off base.  There are many situations
> >> that can't be adequately dealt with here.  Would you shut down
> >> the group because we can't give everyone in the world all the
> >> free tax-related services that they want?
>
> > are 95% of the situations presented here not worth responding to?
> > There is nothing more frustrating that posting a question and
> > getting a response "go hire an expert to help you".  That, of
> > course, can always be advised, but isn't much help with the issue
> > posed.  
>
> I've seen almost no responses that simply say that and no more.  
> Normally a response gives good general information, but then goes on
> to say that the OP's situation cannot be definitively determined here
> for various reasons.  I don't think we need to restrict posts to all
> one way or all the other.
>
> > The better responses I have seen deal with the issue
> > posed, and perhaps advise hiring a pro to delve into the matter
> > further and make sure the actual tax returns follow the answers
> > given to the issue posed.
>
> That's the normal kind of response I've seen here.  And Katie is one
> of the best in terms of helpful and accurate responses.
>
> In this case, though, OP is clearly in a situation that is too
> complex to deal with here.
>
> > We always hear advice to make sure you hire a knowledgeable
> > expert.  How can you know that the expert you are talking with is
> > knowledgeable unless you yourself become at least somewhat
> > knowledgeable?  
>
> Those are different kinds of knowledge.  You find an expert by
> looking around, talking to people and getting recommendations.  
> Knowing a bit might help when interviewing people.  But if your
> question is too big, you need to spend the time to learn what you
> need to learn.
>
> Stu
>


Well, thanks for the kudos, Stu. Actually, I confess I was being lazy
when I responded to this one. Shoulda kept my trap shut <G>. The
point of the exercise here, IMO, is to give questioners at least a
clue as to the nature of thei issue or what the possibilities are.
But then we often have to send them off to an adviser who can have
access to all of the relevant facts and circumstances, which we can't
do here.

Mea culpa, anyway.

Katie

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
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Posted by Harlan Lunsford on January 22, 2008, 3:54 pm
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Benjamin Yazersky CPA wrote:
>> Katie wrote:
>>> On Jan 21, 4:07 pm, lakep...@yahoo.com wrote:
>>>> Hello,
>>>> I am a single owner of a LLC. I bought a real esate property in
>>>> 2007. I have not made any income from this property, but have spent
>>>> quite a bit of money fixing it up. I have reported on my tax form so
>>>> far the interest I have paid to the bank for the loan I took out to
>>>> buy this property. Do I need to file a schedule e also to report the
>>>> money I have spent on this property? Also, are their other forms that
>>>> need to filled out per my circumstance?
>>>> Thanks.
>>> Find a CPA or Enrolled Agent to help you with your tax return this
>>> year. That way you will get started off on the right foot!
>>> Katie in San Diego
>> Katie, would you capitalize the interest, inasmuch as the property is
>> not yet being rented? grin
>>
>> ChEAr$,
>> Harlan Lunsford, EA n LA
>>
>> --
>
>
> If property is not yet placed in service, I would think that all costs
> need to be capitalized.

LOL! And so would I, as intimated by the rhetorical question I "posed".

ChEAr$,
Harlan

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

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