Posted by John K Haslach, CPA, MST on August 08, 2005 at 20:34:11:
REITS are very complicated. There are strict asset and income tests which must be met. You blow your REIT election and you are a C Corp with double taxation, dividends. Work with someone who is an expert in ther area.
John K Haslch, CPA, MST
REIT - Posted by Mac costas
Posted by Mac costas on August 08, 2005 at 20:14:50:
Is it possible for me and some partners to set up our ourn REIT, and where would be a good place to find out more information on that.
Re: REIT - Posted by Jimmy
Posted by Jimmy on August 09, 2005 at 08:40:44:
unless you have 20M or more in assets, forget about the private REIT. the fees to keep it in compliance are hefty. Just do an LLC or LP or whatever is best in your state.
I worked for one of the Big 8 acconting firms a couple of decades ago, and they had a wing of people who worked on the regulated pass-throughs. You are dealing with specialized professionls, and will pay through the nose for their advice and counsel. and that is just the CPA side of the deal. The attorneys who specialize here are more expensive.