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David Hendrix
  • Rental Property Investor
  • Mansfield, OH
19
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35
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Good CPA in Mansfield Ohio?

David Hendrix
  • Rental Property Investor
  • Mansfield, OH
Posted Sep 4 2014, 17:47

Hi all!

I started my real estate empire (two buildings!!) last year under an LLC. I filed my 2013 personal taxes and assumed that I could just use Schedule E for the real estate activity. However, I now see that I need to file a tax return (Form 1065) for the LLC as the LLC is actually a two member LLC. The two members of the LLC are my wife and I. I believe that I will need to file the 1065 for the LLC and then issue my wife and I a Schedule K1. Then I will need to amend my personal tax returns. The amendment should be a non-event in terms of $$s.

Are there any CPAs in the Mansfield Ohio area that I could consult with for an hour or so? I would like to discuss this issue and my overall situation. I did file an extension and thought I had until October 15th, but the extension for the 1065 is only through September 15th.

Any suggestions on a good real estate CPA in Mansfield would be greatly appreciated!!

Dave

Account Closed
  • Accountant
  • Santa Fe, NM
2
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9
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Account Closed
  • Accountant
  • Santa Fe, NM
Replied Sep 4 2014, 19:13

It is considered a disregarded entity so a p-ship return is not necessary. Husband and wife only count as one member. Schedule E on 1040 will be fine.

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Darrin Carey
Pro Member
  • Lender
  • Dayton, OH
701
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1,309
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Darrin Carey
Pro Member
  • Lender
  • Dayton, OH
Replied Sep 6 2014, 07:00

@David Hendrix Congrats on starting your empire! I believe @Account Closed is correct since you are husband and wife, and assuming you filed a joint return.

However, I would highly recommend John Hyre in Columbus for your taxes, even if you only need a schedule E. I found out there were a lot of choices on the tax returns especially in depreciation areas. I've had to readjust my tax planning to meet my current real estate strategies and goals.

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User Stats

35
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19
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David Hendrix
  • Rental Property Investor
  • Mansfield, OH
19
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35
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David Hendrix
  • Rental Property Investor
  • Mansfield, OH
Replied Sep 6 2014, 07:33

Thanks guys - I appreciate the comments!!

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Kimberly H.
  • Residential Real Estate Broker
  • Chicago Suburbs, IL
593
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1,057
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Kimberly H.
  • Residential Real Estate Broker
  • Chicago Suburbs, IL
Replied Nov 20 2014, 09:15

@David Hendrix 

, how did it work out with John Hyre?

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35
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David Hendrix
  • Rental Property Investor
  • Mansfield, OH
19
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35
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David Hendrix
  • Rental Property Investor
  • Mansfield, OH
Replied Nov 24 2014, 07:20

Kimberly,

My property manager actually gave me a name of a local CPA and that worked out well. Thanks!

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Kimberly H.
  • Residential Real Estate Broker
  • Chicago Suburbs, IL
593
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1,057
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Kimberly H.
  • Residential Real Estate Broker
  • Chicago Suburbs, IL
Replied Nov 24 2014, 07:38

Ok, thanks!