WANTED: RE-friendly Accountant. Recommendations Please.

6 Replies

I was recently on the phone with my CPA. When he found out I was on the cusp of purchasing my first investment property he flipped out. Have you ever seen an introverted, analytic-type personality get emotional? It was unexpected to say the least. Apparently he tried real estate himself once and it went horribly wrong. He spent 80% of our 1-hr meeting trying to talk me out of it. I know he meant well.

I want a watch dog on my team, but I want that watch dog to be supportive of my rational, educated choice to move into REI. I won't surround myself with people who will inadvertently hold me back. So I'm stepping away from this relationship and on the hunt for a new one. Am I being unreasonable?

Recommendations please. How would you suggest I find a RE-supportive CPA?

Thanks in advance for your help. I'm open to feedback.


Recommendations please. How would you suggest I find a RE-supportive CPA?

There are at least a dozen, maybe 20 active tax professionals who regularly comment on this sub-forum.  Read some posts, jot down some names of who you think may be able to provide value, and reach out.

Most of us don't have a breakdown when a client buys a new rental.

@Rebecca Silva

Was your CPA Portland-based, or a millennial, or both? That's the only explanation I can think of. :)

Read this forum, see who answers questions and how, and contact those who you like. There're quite a few emotionally stable tax professionals here, all specializing in real estate.

You definitely aren't being unreasonable.  I'm assuming most CPAs are advocates of real estate investing based on the tax benefits and I have never heard of a CPA being opposed to any type of real estate transactions.  It sounds like his reaction is only based on HIS experience which may have been a result of him not doing enough research on his own investment property to begin with.

Keep doing what you're doing!

Rebecca,

I recommend finding an accountant who specializes in real estate taxation. You may want to consider working with your accountant remotely to expand your options.

I would also recommend looking for a tax strategist who is willing to work with you throughout the year, not just when preparing your tax return. You want an accountant that can help you strategize and who is responsive when you want to know the tax consequences of the decisions you are making throughout the year.

Good luck and let me know if you have any questions.