Real Estate Broker · Crystal River, FL · Member since 2017 · 27 posts · 11 votes
I have a multifamily property and sold earlier this year a property in which I have capital gains. I am in need of a professional with expertise in real estate. The more I learn...the more I realize how much I don't know.
@Cyndie Rogers Having a qualified accountant to help guide and manage your RE transactions is crucial. Without knowing more details of your transaction and RE positions, all I can say is if you already have a capital gain for the year, there may not be much you can do to offset that gain. Ideally a proper accountant should have been in place before making any transactions, but of course hindsight is always 20/20. And when you first start out, you don't know what you don't know. I certainly made a lot of mistakes when I first started investing and ended up missing out on a lot of tax-advantaged strategies because I did not have a qualified, tax-planning accountant. There are recent posts on this issue, listing questions to ask accountants as you vet them, as well as the differences between a tax-planner and a simple tax-preparer. I would encourage you to review those for more general information. If you'd like a recommendation for the accountant I use, feel free to message me.