Accountant for out of state investor

Accountant for out of state investor

Battle Ground, WA · Member since 2015 · 67 posts · 14 votes

I'm a new investor (purchasing my first duplex) which should be closing in the next week or so.  I live in Washington State, and my property is in Indianapolis.  Should I get an accountant in my area for taxes next year, or get one in the Indianapolis area?  I'm assuming I'd just go with one in my area, since they'd be more familiar with my local tax laws than someone from out of state, but I just wanted to ask around on here and see what you guys thought before I started looking around for one.  Thanks!

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Basit SiddiqiBusiness Member
Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
8y

@Phil T.

As a resident of Washington who is looking to invest in Indiana - You will be required to file a non-resident tax return with the state of Indiana.

This non-resident return will report your rental activities in the state.
The great thing about Washington is that they do not have a state income tax(they just have a B&O Tax which won't be applicable here).

You should look for an accountant who is familiar with real estate activities. While an accountant located in Indianapolis who is familiar with real estate taxation is preferable - I would pick an accountant who is familiar with real estate taxation over an accountant in Indianapolis who is not familiar with real estate taxation.

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  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    8y

    @Phil T.

    As a resident of Washington who is looking to invest in Indiana - You will be required to file a non-resident tax return with the state of Indiana.

    This non-resident return will report your rental activities in the state.
    The great thing about Washington is that they do not have a state income tax(they just have a B&O Tax which won't be applicable here).

    You should look for an accountant who is familiar with real estate activities. While an accountant located in Indianapolis who is familiar with real estate taxation is preferable - I would pick an accountant who is familiar with real estate taxation over an accountant in Indianapolis who is not familiar with real estate taxation.

  • Battle Ground, WA · Member since 2015 · 67 posts · 14 votes
    8y

    Thanks @Basit Siddiqi!  You wouldn't happen to have a suggestion for an accountant in that area, would you?

  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    8y

    @Phil T.

    Unfortunately - I do not have a suggestion in the area.

    You may want to use the search function on BP if anyone requested a CPA in the Indianapolis area before.

  • Rental Property Investor · Honolulu, HAWAII (HI) · Member since 2011 · 4k+ posts · 2k+ votes
    8y
    Phil T. When I lived in seattle and invested in the mid west I used a CA Cpa :p
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