We sit down with Stephanie Drum, CPA at Rodrigues, Drum & Company

so they can play games and make crypto
money ready let’s roll welcome back mortgage daddies we got a special guest
today our own personal and business CPA Stephanie drum hi everybody welcome Miss
Stephanie the most nervous guest we’ve had oh % she’s my hair look good you sck it out I didn’t prepare no
everyone’s going to be looking at it the whole time it’s just sweating a little I
love it so Stephanie obviously you’ve been uh my accountant for probably five years now since we started the company
business personal you do everything I refer you to every single person I know um I know you just went to a a
conference out in California y on crypto y after the news of trump getting into
office I was able to look at my coinbase and I only dabble in it it’s all in the red over the last like a couple years
since I even bought some uh but tell us a little bit of stuff that you learned out there about the crypto markets uh
yeah so crypto is not going anywhere uh and what people really like about crypto
is it’s open all day long days a year um and there is think of it back in
the day you bought a share of IBM or a share of Apple um you could see it where
crypto is a bunch of coins kind of in the air that are all different prices
different levels uh meanings so there’s a a lot more things to research or what
you want to try to get a hold of um the big challenge for everybody is you’re going to have to monitor what you’re
buying and selling and what would be taxable and there are a few tax
softwares now out there that will do that for you so you can like move your wallets into the software so it could
like generate a report for your accountants or CPAs to see where you are sitting um so for example over the
summer I had a client that called me and said Stephanie real quick I have a question for you like okay he said um
you won’t believe this but I have I just won gambling in crypto
I’m like what do you mean he’s like I don’t know I threw bucks into crypto I pretended I was someone overseas um
because I don’t know if you can do it in us um and they bucks and then he won
like and he’s and it was real so he’s like what do I do is it like a
crypto Lottery yeah yeah it’s gambling what crypto gambling it is a real thing
we’re doing something else it is a real real thing you just try it a little really what do you have to lose anybody
who’s watching this right now should just start crypto daddiy out there and start gambling and winning $
that’s insane so if he leaves the $ right where it is it’s okay but
of course you want to get it into US funds right so what he did is we’ll see how it goes he converted
to the US into his bank account so him and his wife had access to that money so that of course will be a gain
and then he left just to invest in crypto so I can’t wait to see and he
did say he was like and I don’t think I put my social security number on anything but the thing is you’re a US
citizen so all your taxable transactions are truly taxable income and I don’t
know if you guys have noticed when you review your individual returns there is a box that says have you uh invested are
you exchanging crypto so the IRS is trying to crack down and all this is on
the blockchain so think about like the blockchain being like the big Mothership of all the banks right that’s kind of
like they’re holding all this stuff so so you know it it’s out there so that
why it’s important for us to tell people track what you’re doing and I have one
for you you’re going to love this you might get a Christmas present I think a lot of parents are going to get a
Christmas present this year a lot of the kids teenagers are making crypto money
gaming so they can play games and make crypto money and then these kids are
probably going to get a crypto statement saying that they’ve cuz it’s earned income that they’re making from their
gaming I really hold fortnite because speaking fortnite
probably cost me like $a month minimum but this is fascinating on the
flip side your kid could have a business happening right so they’ve earned income
they’re making crypto and then they could be putting money into a Roth or
education fund whatever have you they could probably take business deductions against that right the new game they B
St yelling at my kid to stop playing I think when I did hear about this I do
want to tell my clients we should be paying attention to are they you because
every kid will be like oh I can make money gaming but then you got crypto happening that’s wild is that not wild
how far back do you think the IRS is going to be able to look at people like that right the crypto’s been around for
a decent amount of time now with no real regulation like everybody just thinks that I’m going to invest in crypto you
know into uh blockchain or whatever yes it goes up % then they take the money
out how’s the IRS tracking any of those dollars I think that they’re trying to
get reports and data out of the blockchain so that they can and then I think what they’re doing is they’re
monitoring people’s tax returns in that check box there’s a reason why that box
is there and they want to see who’s doing it who’s not and there’s new forms
coming out this year so if you sell Investments we have to report that on a special form on your tax return now
there’s going to be one just for crypto I just don’t know how they would track that like that’s always been like
one of the the nuances of like the whole crypto ideas like no one can track me like I have clients like I have $
in Bitcoin like great like where is it like I can’t get the statements and I’m
going to use that for a down payment and then us trying to Source it coming into like their banking system in the US it
just wild to me how do you think the IRS is even capable of doing that and tracking that at this point or is it
something likey they go five years and then somebody’s going to get a tax bill for probably because the you you didn’t
report it right so it’ be kind of like fraud right so they can go back as far as they want to what’s the percentage
you pay on something like that on taxable income for crypto is it any different shortterm longterm yeah uh no
so of it is capital gain so that would be at like % IRS % for us in
Massachusetts um and then for the gamers earning that it would be at their
ordinary tax rates interesting and I have a few clients
that um are actually with their crypto uh loaning out money so kind of like
right hard money type things so they’re earning we’ll call it interest in the crypto world so that would be at their
ordinary rate cuz it’s interest and you’ve already started seeing like uh
Real Estate Investors selling their properties and going into the crypto game as an investment vehicle as opposed
to just staying in their real estate because of the appreciation the upside of crypto correct they just feel some of
them feel like this is um you know just as in as its infancy so it’s just going
to grow and get better so they just look at what they own for their rental property and a few of them have sold in
you know put a good percentage of that in crypto it’s amazing in buying with
crypto properties like if I want to buy Vern’s house not yet but I really think
one day we’re crypto is going to be another form of payment I almost see crypto taking over
like maybe not in my lifetime but just taking over like I look at how my kids interact and their technology crypto
just taking over the US dollar and just kind of eliminating that just because it’s so much easier right right other
countries use it yeah yeah and I think I told you when my oldest went to college
he had asked me and my husband if we had a crypto account and we were wondering why did he ask us that question and it
was so he could get his fake ID that’s how you can get a fake ID now in crypto back when we went to college you just
need bucks wow crypto fake so did you have a
fake IDE your kids are watching they W did Mom have a fake idea my husband has a
crypto account so we we were able to yeah got fake idea so your son’s going
around buying all the Boo for all the Freshman sophomores in school oh where go to college Wentworth oh nice yeah yep
computers so he can learn how to make more money on CPA he’s probably doing
mining whole farm system going on the whole school just running underneath them Jesus so you have two kids two boys
um so one’s that’s Matt he’s in college Jake is and he’s a senior in
high school what’s he want to do I think he wants to go into the army or navy
yeah oh that’s awesome yeah yeah you have your hands full so I know
you recently merged or acquired another yep yep um with Doug Rodricks so
Rodricks and Drummond company Y and and I’ve known Doug for uh a lot of years
and he does which is great peer reviews for other CPA firms so we do a lot of
what you would kind of do it’s kind of like an audit of another CPA firm in their financials so I’m really happy to
have him on board yeah absolutely yeah it’s just picking up the skis for my kids over at bobc and ski there I see
the big Stephanie drum sign with RS over there you guys have nice little Office right there oh do you yes
congratulations thank you is that where his office was yes yeah yeah yeah so
you’re growing at a rapid Pace how many uh CPAs do you have underneath you now uh we probably it’s it’s less than um
and we’re definitely looking for more CPAs um especially nowadays you have to
be um our firm is full service so you have to have tax people accountants uh
Auditors so um kind of like explain what the difference is because we get questions all the time people you know
who are either Buy bu properties it’s their first property or they’ve bought a few now you know they’re starting to have different llc’s maybe they have
another business and they’ve either been doing their taxes themselves or they had some Turbo Tax or whoever doing it but
you know they’re not really getting that full benefit you know that I feel like we get have you on our side and what we
can run by you you know what is the difference between a CPA a regular accountant or also just like what you
guys do versus you know if somebody just calls Turbo Tax got it okay so generally
with a CPA um we have more um schooling a higher level of test that you have to
take um and then we have to keep up our studies each year as well and even to
perform certain audits CPA audits you have to do studies within that every year so we’re constantly learning and
growing in that sort of thing and I think being a CPA sometimes especially in public accounting you have that hat
that you’re working with so many different clients and industries um so we just I guess have a
wealth of knowledge because of all the people that we’re working with um and we
got into this because we like to help people so we try to share and help them as much as they can where I think
sometimes uh if somebody is maybe an enrolled agent maybe their background is
just tax so they can’t help you maybe with accounting questions or CFO type
questions that type of thing I think one of the big things is just tax planning
yes tax planning is huge like tax planning is is huge because you know I’ll talk to her in August and said uh
Stephanie should we buy a vehicle in the company’s name should we do this and I think a lot of businesses leave a lot of deduction yes or credits outstanding
that they just don’t have that conversation with their accountants and their CPA what are some of the biggest
tax deductions or credits that you see a lot of people M when you review them and you’re taking them on as a new client so
you’re reviewing the last two or three years tax returns uh so sometimes uh you know we see clients that really you know
it’s hard because sometimes you look at your CPA and sometimes don’t see the value there because we can’t come in and
fix uh like an electrician can or a plumber right we’re just uh we’re kind
of sometimes they you may think of us as just reviewing papers and giving you ideas um so I think the biggest thing we
see is some clients say we don’t want to pay for that during the year but then they’ll get mad when they owe taxes or
it’s a surprise exactly um so this time of year we’re busier than ever because
we’re pre-o everybody’s tax returns because I want to have the conversations now and tell you this is what it looks
like so you have time to work with us we can strategize or think but I think to
answer your question is just people they’re running their businesses so they’re not stopping to think what does
my profit and loss really look like and what does that mean taxwise you know in giving the CPA time
to have the conversation with the business owner um retirement plans are great because then you’re putting money
away uh for yourself and you’re getting a tax deduction as well as helping your
employees out as well so I see some businesses might be doing a smaller type retirement plan where they could step it
up and even do it more uh again if they’re watching their profit and losses these the times to have the calls with
your CPA and uh financial advisers how often do you think Craig and I call you
like in a month like how often does one of us call you call more than I do I call all the time for anybody that’s out
there if I have a question about anything to do with my account I love it I love it can I do this she’s usually
like no I’m like all right well what happens if I do I like when you I like
it when you come right out there and you’re like I saw this on a YouTube video I just want to ask it’s like hey
if I set up this random LLC in Montana do I have to pay taxes ever again she’s like yes and I’m like damn it Tik Tok
God next up yeah so I love it but that’s um why I think we have a great
connection because that’s what excites me um and I think sometimes I think
that’s what makes me a little bit as a different CPA is that um I just Thrive
to help my clients in any way that I can I ask a lot of questions and even if I don’t hear from them I’m going to call
them or pop by their business and say hello because I want to be in front of them I don’t like surprises so I don’t
want any of my clients to have surprises I think just the personal relationship that you bring to the business makes
Craig and I feel comt comtable so we we’re not scared to ask you is this a
good idea for us to do this or what do you think about that I think you staying in touch with us at least you know if
we’re talking to the general public I think Utah talk to every one of your clients corly or somebody in your firm
yep um and we’re just special we have questions every single day um but I
think that’s one of the big things that separates you from the other accountants I’ve used in my life um where I was
almost scared to call them I mean like a I already know I’m gonna get a bill and I have no idea what it is and it’s a
two-c question didn’t even ask my question yet didn’t even ask and I’m like all right I’m already getting a bill in the
mail but I almost feel like it’s almost like you know they they say no question is a dumb question it’s so true with you
it’s really not no because it could lead to something else you’re doing or trying
to think about where I can help you save taxes too pict exactly yeah I think
that’s one of the big things that I really enjoy working for you on in your entire firm you been a game changer you
know what the planning side of it I think is important especially maybe even if you don’t own a business you just a
couple of properties or you want to buy another property and you have one so many times we come across this on our side you know we did a loan for somebody
they bought their first house it’s easy you can use the rents on the property well now you’ve owned the house you’ve owned it for a year you’ve owned it for
two years and now we’re at the point where you want to go buy another house but you might not make enough income to offset a whole another mortgage so now
what you show in your taxes is very important and I have this conversation I feel like over and over and over to
people because I’ll let them know that ahead of time and I’ll try to like get their wheels spinning a little bit to
think okay I can’t just go and write off everything under the sun on this profit and loss on my property
if I want to buy another house correct then what happens is they go to their tax person I’m not even going to say
accountant I don’t even know who some of these people are and they come back and they don’t listen to me or they didn’t
send them to me to check them and now we have a huge loss on the property Y and
even though they’re getting $or $or $a month in rent what they can
qualify for is nothing because it’s at such a huge loss and there was no planning you know so many tax people or
when people go to do their taxes it’s like their number one goal is I’m going to save you money on your taxes well
great but if that doesn’t fit into what my plan is and what I want to do you’re really not helping me you’re hurting me
because now I can’t go do this and now I have to either put more money down you
know pull money out of another property or do something different and people don’t think about that and nobody really
ever you know goes around I feel like I talk about it all the time I know he does and I know we talk
about absolutely y but nobody ever does that and and that’s where the planning side like if you’re listening to this
and that’s your goal planning with an accountant to make sure that you’re going to be in to have like a a team I
team it is a true team your accountant might say hey this is enough but not realize really what you need to qualify
so you need that mortgage person that’s involved in that conversation as well so we talk as a team to figure out okay
this is what you need to show you can’t write off every single thing that you want to because now that property is at
a huge loss and you can’t set that with your income and that’s where the planning side in my opinion is huge
versus you just before I ever met you and I even got involved in this yeah here’s my paperwork drop it off two
weeks later they call you back pick it up and you sign you have no idea what’s happening you don’t know anything you don’t even know the questions to ask
yeah you know it’s a good point really good point and it’s it’s really big picture and that’s why I always if a
client’s trying to look to save taxes or have an angle it’s why I’m asking a lot
of other questions because yeah what’s your next like three four because this is what everybody’s going to be looking
at and if you don’t have income to show someone’s not going to want to buy your business or they’re not going to want to
help Finance you we see it a lot too where somebody owns two or three properties and then they go and they
sell you know a property they they bought for they’re selling for and they have no understanding
of capital gains or a possible exchange or all things they don’t even have the conversation with Craig
Lo officer accountant and then at the end of the year the accountant says what you do with the property Main Street
oh I sold it I made and he’s like Uncle Sam’s knocking on the door for a hundred of that right like correct
yeah it’s anything to do financially pick up the phone and call your accountant it doesn’t matter what the
cost all the time calling me and asking me I’m like you need to talk to your I can’t tell you what type of gains you’re
going to have to pay or how you can avoid it but I mean in like you don’t need to dive into this so deep but just
like a brief overview because this question we get a lot investors want to sell a property buy another property
with a tax exchange what is like kind of like the basics of what amount of that profit you have to roll in and
what amount could you possibly keep to not have to roll into that so it’s kind of with the think about it this way
you’re really deferring your gain rolling it into another property so it’s
like you’re keep you just keep there’s some people that keep doing ons because they’re just rolling that gain
cuz once that gain hits you yeah or your estate will or whatever have you so it’s
really do the best idea because I mean in my eyes if ta taxes are like anything
they always are going to go up so if I’m going to pay I’m just going to use an example % now but I want to roll this
into properties and at some point I know I don’t want to hold all these properties forever I want to offload
them well why would I not want to pay the tax now because you have at right versus risking what it might be in
years where it might be % I mean that’s a the side of it that I don’t
think a lot of people look at because they just like well I’m going to save the money now yeah well are you going to keep holding properties forever and ever
and ever or are you going to eventually sell them because if you’re going to sell them I know like when I talked to my financial planner and you you know
it’s well what am I going to pay now what’s my tax bracket okay you know maybe it makes sense at a certain age
you know you stop working your tax income’s less you’re not paying as much at a certain point but that’s a big
piece of it as well right it absolutely is and I want to say when that does come up usually I’m on the phone with the
client the exchange expert and maybe even the real estate attorney uh
because it’s a strategic thought process and it’s your it’s your money your life so you want to make the best decision
and that’s why again having a team is so important is there a piece of it that you say I bought a house for I
put money down I did repairs to it I spent $down in the house and I put $into the house two years
later I sell it and I buy another house off of what I bought it for I’m selling it for six so there’s $profit
there okay but I put down and I put $into it m how much of that
has to go in is it the full the full gain the full off of I could take
back out the money that I put down in the house right and then anything on the repairs right yeah that’s part of like
your basis you have to figure that out yes yep and that takes work to most people who are not accountants or
potentially even financial planners have no idea even miss thinking about a well one you know what we’re trying to
do on side with everything but also I I have a client right now that’s looking to buy another house and do a
exchange and I told her I said you need to go talk to your account you need to talk AB just texted me before we
got on this podcast and said my the person I talked to said I need to put all of it I’m like what does of it
mean yeah because you also need to keep some money for reserves if you want to buy this and you don’t have the funds to
be able to cover that so you really need to figure out if there’s some of this money you can actually hold back because
if there is none well now we can’t whole gain right is going in there because think about it if the numbers the
numbers have to work and you have to keep it in the because you’re deferring that
gain interesting that’s why you’re doing that I’ve been doing this for years I did a they told me we had to put
everything into it and I didn’t even question them well and it was the gain always Happ from what I but I’m like no
I put every dollar you have to really break it down yeah and look at all the
numbers and that’s why you’re able to because that’s like you’re fully protected at this point you’re fully
protected in your whole gain everything is being deferred but that’s when you really just got to look at the whole
numbers and really see what the true gate is what what needs to be deferred
how does everything work out cuz if I if it’s me and I put in put in
into repairs and I’m making I don’t want to roll in four I want to take if I can take non-t taxable income
out of that a two and put two in it now I have two more that I can play with to go do something else or renovate the
next property or do something like that so if somebody just told me no you need to put in all four oh great awesome just
pay the tax now I got one another property and I’m not really ahead and you should only be paying the tax on the that was actual the game minus yeah
the rehab that’s what I think but % of the time the ones that i’ I’ve always seen it’s like this is the net that
you’re walking away with and that’s the exact amount that’s going into that but they probably don’t go through
the numbers where they should be you know so that you can understand I haven’t been a part of a ton of them but
you’re right you know because a lot of times that’s more on the investment side and some of those investors are you know using either hard money loans or they
have some commercial lenders that they’re partner with and they you know they have loans with them but it
comes up every once in a while but I get questions more more on it than it actually ever comes to be but I think
it’s going to start coming to be more now as people who have bought these
houses even if it was just one or two then they bought their single family over the last year or so so now they
have that one and now they’re like I want to take it and go buy you know something bigger or something better or
whatever it is so I think now it’s going to for me at least because of the length of time that I’ve been in this business like my clients from and a half years
ago to now maybe bought a multi maybe bought another multi then bought a single now looking to turn back over
those multis into bigger projects or nicer multis too it’s interesting well that leads us
right into our next segment which is uh what is the new US Treasury Financial
enforcement reporting oh okay rolls right off the yeah definitely read that
off the the card here I was waiting for you to read that one I was like f it did such a nice job with like the crayon
that they wrote this in I’m like I’m not even yeah I’m like they they touched it three times
Financial was basically did not look like that but uh tell us about anything with enforcement reporting yes yes you
like to know about yeah so that’s new through the US uh treasury Financial crimes unit um anybody that has a
business that’s registered within a secretary of the state you need to disclose by January st
the company and who the owners are um and there are some exceptions to what
companies need to do it um but it is something everybody has to be aware of because if you are required to and you
don’t disclose the penalties are big and basically what they want it’s for money
laundering uh International Affairs things like that so a lot of the people
that are out there nowadays with their side gigs and creating all these new llc’s aren’t aware of this filing
requirement and if you and if it’s new you have like or days to just jump on the US Treasury and do that finally
so for every LLC you have every LLC you have this is more geared towards real
estate so if I have a client that has six different llc’s because he puts every house he and they’re registered
right secretary the state to be done yes is there cost to do that free free
something and all it is is to just discl disclose the owners the business like on a year because it would change you could
change like I could start an LLC and then I could give half the Vern now he’s an owner of that and then would have
like days to update kind of what’s happening so they would know like when you’ve originally started it but then if
you changed it there was no trashing Force yeah got the initial year and then
if there’s any changes interesting yeah things to always do that’s why you need to have Stephanie she’s already emailed
me like three times so I’m have to do that I sometimes I skip over you and go to Kevin yeah kev’s probably the best
Conta and sometimes I skip over you and go to Rachel or Wendy ch perfect it’s
exactly how we want it I like so many words too many words too many words I already asked like can you come and do
this for me I don’t know how to do it no I mean I think that’s why I call you I just is it easier for me to look it up
right but then I’m not going to understand it right like if I looked up you knowfor of that like can I just tell me
I have to go add somebody to an lsy right like that would scare me enough where I’m like we need to contact
attorneys I’m super scared and it breaks down all you have to do is y add and update the LLC yeah y makes sense yep
and believe it or not upload uh a copy of your driver’s license or
passport jeez which is interesting probably just verifying addresses mailing
addresses no hiding anymore no hiding out there do you see now Trump got
elected by the time this airs that should definitely be like % positive
um do you see any changes coming that will affect anybody come next year that
anybody should start to try to plan for um I think that there could possibly be
more credits out there that might be coming so um I think everybody just kind
of like watch what does come about but I think there’s going to be changes and possibly even retro changes as well so
what that means is we could be in January already drafting tax returns they might want to push something back
so yeah I think there’ll be more credits to come to help us yeah yeah energy
efficient credits are still really big Windows Doors insulation I think you’re
going to see more with the cars oh yeah the electric car yeah his good friend Elon might have something to
say about that too so I think that’s going to help so I don’t know talking he’s going to be the trillionaire by
this be nice we’re on our way mortgage daddies is not stopping we’re
soon to be on Spotify we’re finally going to become like a real podcast after this I think Stephanie drum is
going to be the first one that hit Spotify so we have a lot to learn from this yes and then I think and I would be
happy to do like a just a crypto one tax-wise because I just think it’s big and people need to know like a lot of
people think oh I’m doing it but I don’t need to report it or it’s my hidden money a lot of like say misinformation
not like the full picture and everything I mean with mortgages everything’s different like you apply for a loan you
apply for a loan yeah it’s going to be different and I’m sure tax-wise it’s the same thing so trying to listen to what
somebody says on Tik Tok about you know what you should do for your taxes might not necessarily be the best idea or
corre forre that is true absolutely is there any like continuing it I know it’s not your field but I feel like you know
the financial planners and the people working at Fidelity and these big firms
are there training on them now are they do going through training on crypto and all the benefits or
Consequences of not reporting it like Craig says I talk to a lot of people and the people that play around in the
crypto space I don’t think I don’t think I have one client that’s like I paid
$last year in crypto dollars like you never hear it you hear that
they have their little card that they hide in their safe and as long as that’s in their safe and it’s Fireproof yep that’s got all their or wallet on their
phone yep that’s keeping track of everything oh I definitely think there’s trainings out there but I think some
people um don’t like change so it’s one of those areas they don’t even want to
maybe learn about or train about um and I know um when I was at that seminar in
California um you know I was looking around at the CPAs or accountants that were in there and a majority of them
were from the west coast and it’s like where’s the Midwest where’s the Northeast it was interesting to see yeah
I always feel we about like six months behind everything that’s happening on the west coast from even a real estate
market uh the way we do business I have like people I talk to on the west coast and I’m like oh you guys are like three
months six months and then all of a sudden I see it here and I’m like okay well that’s coming guys like get prepared for it correct and I feel like
that’s kind of helped milestone in our business is always kind of evolved and trying to stay up with the the changes
in the speed and I feel like crypto is just one of those things where it’s going to come out of nowhere and it’s
just going to if you don’t if you’re not even just aast to it and you just know a little bit about it it’s going to take
you over um absolutely yeah I agree I agree it’s coming like I said the guy
that called with the gambling I didn’t even know you could gamble with crypto I’m look into that I saw the site I
haven’t tried it but I saw the site personal question okay here we go how
much crypto how much money have you invested in crypto since you came back from the West Coast I’ll
pass I’m buying more crypto when I walk out of this that’s all I had to he I
have jump on the crypto train baby I have a question not related to crypto yes just one I get a lot yeah uh gifting
money so typically it’s parents gifting money to their children to purchase a
house is there and and and I get this where some people think the amount is right it’s like a limit yes
there’s a limit on it you know could you just touch on you know is there a limit that people have to worry about or any
tax implications on if you do gift your child you know $$to buy
a house yep uh so there is an annual limit uh that a husband and wife can do
together for their children in gift that wouldn’t have to be reportable and then what happens is if you are gifting more
then you have to do a gift tax return and then it goes out of your gift tax exemption in the estate which is much
much higher much higher correct track is at the yeah it’s higher now yep and
and the husband and wife can do it together so you’ve got like double that yeah and then the year the lifetime is
is a lot Millions correct and that’s why every year uh as soon as someone has a
gift tax return every year we’re asking that person did you do another gift is it over the number and then we’ve got to
track it so there’s like a history of it those are problems I don’t
have not yet yeah not yet a lot you know some people I get a
lot of course they want to like um first time um I have a client
right now he’s uh gifting a percentage of the house to the daughter you know so
we’ve got to report that on the gift tax return for him sometimes it’s a gift of equity sometimes it’s just exactly down
payment gift you know I get I don’t get it all the time but I get it quite often my answer is always call your accountant
ask them because I’m not you don’t know what goes on yeah you don’t know exactly what you’ve done before and everything but that was kind of my understanding
too was that you know there was the yearly amount and then the lifetime which exactly you’re Rockefeller that’s
probably not happening to most people um but it is good to kind of just get that information out there to everybody yeah
absolutely cuz taxes can be scary and sound scary too yeah it’s so funny how
some people are so worried about it like the littlest thing you’re like why are you worried about this and then other
people are like whatever they don’t care at all about anything you see so many different sides absolutely you know
almost anal some people are about every decision in dollar that’s spent or where it’s going to other people who you know
yeah sure you need this here you go and they just move on and they probably never even report it legally to anybody
but no it’s very true I’ll have some clients that might not want to something because of the taxes I’ll pull out the
calculator we’ll sit there and go through it and then I’ll be like this is your effective rate it will cost you and
they’ll say oh okay but it helps them make a decision they wouldn’t have made because they were so afraid it might be
% in taxes when it’s only % what do you suggest people do when
they get a notice from the IRS or the state of Massachusetts or the state that they live in a notice from like two
years ago three years ago not that this just happened to me like this week but I might might as well hit her she’s on the
podcast I don’t think she can send me a bill for it so H make sure you document this um you know I just got a a tax bill
for I think it was like a $tax bill I
already paid my taxes for all that I mean I know what I do I scan it I send it over to Stephanie I’m like hey tell
me what I need to do with this but like for our viewers that are watching this like if you get a tax bill or you know
something from the IRS or state that they live in what’s the steps they should do because I talked to some
people like I would just throw that away I’m like I can’t just throw this away it came from like the IRS like I want to find out what it’s all about oh
absolutely so send it to your accountant or tax person um don’t panic because
sometimes the IRS or the states make mistakes and what happened is the IRS like everybody else kind of became a
masterer in Co so they were backed up their computer systems were backed up so
I would say look at the notice if you don’t understand it send it to the accountant so they can explain it to you
and really review it with them to see if it is correct um if it is not um it is
taking us a long time these days to work with the IRS and state um we’ll call
even um lines that we have and we’ll get the messages that say do to call volume call back tomorrow um I’ve been working
and sometimes same thing what we’re all seeing I may have to talk to eight agents to get somebody that kind of know
the question that I’m even asking so um everything’s taking a little bit longer
but I would say Don’t Panic um you know what I mean and a lot of it can be fixed
awesome well thank you for coming on mortgage Daddy’s course I was happy to be here thank you for having me we
appreciate it that’s it see you guys next time