Realtor · Wake County, NC · Member since 2019 · 77 posts · 60 votes
I have a phone call with a potential CPA that has been referred to me by a colleague but I want to make sure I ask all the proper questions to ensure they can properly assist in maximizing my tax deductions for my real estate business.
What questions would you ask a CPA to ensure they are knowledgeable about current real estate tax strategies?
CPA · Colorado Springs, CO · Member since 2016 · 413 posts · 258 votes
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@Joseph Gisler - First, you should know that every tax situation is unique. In the first meeting, a good tax pro will need to ask you most of the questions to understand your situation before they can give any advice. However, once the tax pro knows your situation, you can ask:
1) How can you help me achieve my financial goals now that you know my tax situation? 2) How can you help me reduce my taxes? 3) What tax reduction strategies would you recommend based on my situation? 4) How do you bill for your services? Hourly or fixed or something else? 5) Who will be my contact at the CPA firm and how experienced are they dealing with real estate investors? 6) How are you proactive in helping me achieve my goals as a real estate investor?
You might want to think about your overall financial and real estate investing goals before the meeting to clearly define what you're looking for in a CPA/advisor.
@Joseph Gisler - First, you should know that every tax situation is unique. In the first meeting, a good tax pro will need to ask you most of the questions to understand your situation before they can give any advice. However, once the tax pro knows your situation, you can ask:
1) How can you help me achieve my financial goals now that you know my tax situation? 2) How can you help me reduce my taxes? 3) What tax reduction strategies would you recommend based on my situation? 4) How do you bill for your services? Hourly or fixed or something else? 5) Who will be my contact at the CPA firm and how experienced are they dealing with real estate investors? 6) How are you proactive in helping me achieve my goals as a real estate investor?
You might want to think about your overall financial and real estate investing goals before the meeting to clearly define what you're looking for in a CPA/advisor.
Thank you J Zev! This is exactly how the conversation went which made me really confident in the situation. I basically stated my goals and where I’m currently at versus where I want to be and he asked a bunch of questions, gave advice, etc.