How can I find a US real estate partnership that I can become a partner in exchange for my accounting and tax?
December 25th, 2009 | by admin |
…. in exchange for my accounting and tax services? I was thinking that a partnership could save cash flow if a partner was capable of doing these professional services. I’m a CPA and am exploring the possibility of doing the professional services for a partnership interest.
Here’s a very short story/anecdote, concluding with a very old saying which I heard on a tape:
On a very cold winter day, a man is sitting in front of his wood-burning stove demanding heat: “Give me heat – then I‘ll light the fire.”
I think the above applies to your situation. I never heard of anyone getting a position “at the top” without “paying dues” and proving himself or herself to those he/she works with AND the people at the top.
To me this is
A] the ability to properly understand and interpret the tax laws and statutes as they apply on the local, county, state/commonwealth and national levels;
B] properly communicate and work well with those folks in the office and in the field where the properties are located;
C] understanding and completing all reports and communications on a consistent, timely basis – on-time or ahead-of-time – every time for an extended period of time [how long and what those reports are is another matter];
D] the ability to make presentations as to why or why not a procedure [or a deduction] works or doesn’t work [notice I didn‘t say “may“. When working with numbers, as far as I‘m concerned its cut and dry - “Yes, it will work.” OR “No, it won‘t work.”].
E] "Going the extra mile" – not because you have to do it or you were asked or told to do it, but because you KNOW its the right thing to do AND YOU KNOW IT SHOULD BE DONE.
I won’t discount your ability or claims as a CPA, but FIRST you have to prove you are THE person – as I described above (which "only scratches the surface") for THAT position to your co-workers as well as the members of the Board of Directors.
Would I hire you? I really don’t have an opinion – one way or the other. This requires interviewing you, “putting you through your paces” on a trial basis and discussing how well [or not-so-well] you did with those you work with as well as the other Board members.
You have your work cut out for you, don’t you?
I wish you well!
VTY,
Ron B.
3 Responses to “How can I find a US real estate partnership that I can become a partner in exchange for my accounting and tax?”
By jay l on Dec 25, 2009 | Reply
you might post your request on http://www.brokermama.com
References :
http://www.brokermama.com http://www.househls.com
By Robin L on Dec 25, 2009 | Reply
Effectively, Internal Revenue Code Section 1031 exchanges allow investors to sell property and reinvest the proceeds in another property without having to pay taxes that would otherwise be owed on recognized gain from sale. The payment of such capital gains tax is deferred, representing only a potential tax which is not owed unless and until the replacement property is sold in a subsequent taxable transaction. The taxes may, in some cases, be avoided all together, for example if the replacement property passes through an estate and its basis is stepped up to the market value at the time of death.
Section 1031 of the IRC provides that no gain or loss is recognized if property "held for productive use in a trade or business or for investment" is traded solely for other "like-kind" property which also is to be held for investment or used in a trade or business. The essence of such a trade is a reciprocal and interdependent transfer of one property for another, as opposed to a simple sale and repurchase.
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2. WHAT ARE THE MECHANICS OF A 1031 EXCHANGE?
While transactions may vary, the basic Xchange Solutions exchange usually proceeds like this:
The seller ("exchanger") of the property to be exchanged, ("relinquished property"), finds a buyer to purchase his/her property. The Exchanger includes specific "intent and cooperation" language in the purchase contract: the exchanger expresses intent to exchange and the buyer expresses cooperation in signing any necessary and appropriate documents to accomplish the exchange.
The exchanger and Xchange Solutions ("intermediary") enter into an Exchange Agreement and an Assignment and Substitution Agreement which provide that:
(a) The intermediary is substituted into the purchase contract (and escrow instructions, if applicable) as the seller.
(b) The exchanger conveys the relinquished property to the intermediary, and the intermediary immediately conveys the relinquished property to the buyer by direct deed from the exchanger.
(c) The proceeds from the exchange of the relinquished property are held in a Qualified Escrow Account.
(d) The exchanger identifies in writing the property they wish to acquire ("replacement property") in exchange for the relinquished property.
(e) The intermediary is substituted into the purchase contract (and escrow instructions, if applicable) as the buyer.
(f) The intermediary, using the funds held on account, acquires the replacement property, and immediately conveys the replacement property to the exchanger by direct deed from the seller of the replacement property to the exchanger.
THIS ENTIRE TRANSACTION HAS BEEN PROTECTED AS FOLLOWS:
A guaranty of escrow funds by a national title company.
Letters of credit are issued by the institution holding exchange funds.
Funds are held in a restricted, protected, joint-signature account at a bank.
References :
By Ron B on Dec 25, 2009 | Reply
Here’s a very short story/anecdote, concluding with a very old saying which I heard on a tape:
On a very cold winter day, a man is sitting in front of his wood-burning stove demanding heat: “Give me heat – then I‘ll light the fire.”
I think the above applies to your situation. I never heard of anyone getting a position “at the top” without “paying dues” and proving himself or herself to those he/she works with AND the people at the top.
To me this is
A] the ability to properly understand and interpret the tax laws and statutes as they apply on the local, county, state/commonwealth and national levels;
B] properly communicate and work well with those folks in the office and in the field where the properties are located;
C] understanding and completing all reports and communications on a consistent, timely basis – on-time or ahead-of-time – every time for an extended period of time [how long and what those reports are is another matter];
D] the ability to make presentations as to why or why not a procedure [or a deduction] works or doesn’t work [notice I didn‘t say “may“. When working with numbers, as far as I‘m concerned its cut and dry - “Yes, it will work.” OR “No, it won‘t work.”].
E] "Going the extra mile" – not because you have to do it or you were asked or told to do it, but because you KNOW its the right thing to do AND YOU KNOW IT SHOULD BE DONE.
I won’t discount your ability or claims as a CPA, but FIRST you have to prove you are THE person – as I described above (which "only scratches the surface") for THAT position to your co-workers as well as the members of the Board of Directors.
Would I hire you? I really don’t have an opinion – one way or the other. This requires interviewing you, “putting you through your paces” on a trial basis and discussing how well [or not-so-well] you did with those you work with as well as the other Board members.
You have your work cut out for you, don’t you?
I wish you well!
VTY,
Ron B.
References :
In the real estate business over 33 years.