Tax Advice / Looking for CPA

Member since 2022 · 1 post · 2 votes

Just bought my first two-family in the greater Boston area, will be living in 1 of two units with tenants present from purchase to the remainder of this tax year. Looking for some advice on how to best leverage tax incentives / existing tax deductible incentives throughout the year. Any specific programs to look into or advice you would give? Also does anyone have any CPA recommendations who are not just generalists but strong in the real estate space.

Thank you!

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Tampa, FL · Member since 2020 · 60 posts · 43 votes

The bigger pockets tax strategies book is a quick read and a great place to start for getting a general understanding of tax strategies and deductions specific to real estate.

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Tampa, FL · Member since 2020 · 60 posts · 43 votes
4y
The bigger pockets tax strategies book is a quick read and a great place to start for getting a general understanding of tax strategies and deductions specific to real estate.
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Lien VuongBusiness Member
Real Estate Agent · Boston, MA · Member since 2018 · 2k+ posts · 1k+ votes
4y
Off the top of my head there's lead paint removal incentive, owner occupied tax exemptions, depreciation on property, expense deductions.
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Ahad AliPro Member
CPA/Investor · Bronx, NY · Member since 2018 · 236 posts · 45 votes
4y
Quote from @Colin Kreder:

Just bought my first two-family in the greater Boston area, will be living in 1 of two units with tenants present from purchase to the remainder of this tax year. Looking for some advice on how to best leverage tax incentives / existing tax deductible incentives throughout the year. Any specific programs to look into or advice you would give? Also does anyone have any CPA recommendations who are not just generalists but strong in the real estate space.
Thank you!
CK

I always suggest keep track of rental related expenditure so during tax time it's easy. Maybe a separate credit or debit card just for that property can also help.
You may also want to schedule a consult with a CPA to get some specific questions answered so your prepared from the start and don't need to scramble during tax time.
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Christina Yoon
Accountant · Hunt Valley, MD · Member since 2016 · 49 posts · 17 votes
4y
There are quite a few of us here on BP - a simple search will yield results.The rules say we can't initiate/self promote, but you can always reach out to a few and get a feel for a good fit.
Hope this helps

Christina Yoon CPA
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