Looking for a CPA and Asset Protection Attorney.

Provo, Utah
Tax, SDIRAs & Cost Segregation
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Looking for a CPA and Asset Protection Attorney.

John M Arnoldsen
Investor · Orem, UT · Member since 2019 · 2 posts · 1 vote

My big question is: Does it matter where the CPA and Asset Protection Attorney are located?

Details: I live in Utah and own one duplex in Tennessee which I purchased earlier this year. I have never filed taxes as an investment real estate owner and my property is titled in my name, not an LLC (yet). I want to find an excellent CPA and attorney to help me minimize taxes and set up my asset protection structure.

Question about CPA: I've read that a CPA can be located anywhere but have also read that it helps if they are familiar with state tax laws. Would that be for the state I reside in or the state I invest in?

Question about attorney: I've read that it's best to set up your LLC in certain states, such as Wyoming. Is there any reason the attorney I hire should be located in Utah, or Tennessee or the state where the LLC should be formed?

If you have an answer for me and also have a CPA or attorney referral, please let me know. Thanks!

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John Slater
Real Estate Coach · Riverside County, CA · Member since 2017 · 238 posts · 157 votes
3y

I use KKOS lawyers

They set up all my corps and LLC's. Check out Markjkohler on IG, always got great advice.

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  • John Slater
    Real Estate Coach · Riverside County, CA · Member since 2017 · 238 posts · 157 votes
    3y

    I use KKOS lawyers

    They set up all my corps and LLC's. Check out Markjkohler on IG, always got great advice.

    1Reply
  • Henry ClarkPro Member
    Developer · Member since 2020 · 4k+ posts · 4k+ votes
    3y

    Would stay local or in your area.   Recommend you work it two ways.  
    A.   Look for the largest Commercial Real Estate firm and ask them.  B.  Look up a large law firm with an estate or trust attorney.  Don’t go with your local attorney.  Once you pick one then ask about good tax forms who handle real estate they work with. 

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  • Henry ClarkPro Member
    Developer · Member since 2020 · 4k+ posts · 4k+ votes
    3y

    Location.  Any tax or lawyer can handle your needs.   But local or in State is better.   Your lawyer you will need to meet with about 3 times for about 2 hours each.   Your tax person you would like to be able to easily drop documents off.  And meet every once in a while.  It’s easier for both these functions since they know us personally.  

    Depending on your wealth you might want to add a financial advisor.  Ask the attorney and the tax person for recommendations.  Your financial advisor won’t care about your real estate investments since they don’t get paid on those assets.  But they will be a wealth of knowledge.  Also help you with many other financial and life topics.  Example.  Asset protection.  You will have legal covered but you will need insurance for protection.  They can help you out. 

    This group will take you through a series of decisions.  Legal power of attorney, medical power, insurance, trust, llc, due diligence on acquisitions or sales, finance contact introductions, etc. Keep your team local as much as possible. 

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  • Rob Hakes
    Murray, UT · Member since 2016 · 162 posts · 166 votes
    3y

    @John M Arnoldsen

    I bought some out of state properties a few years back.  I used Clyde Jones CPA out of Orem and they seem to understand the out of state rentals well.  They came as a referral from the attorney that helped me set up the entities, Breglio Law.

    1Reply
  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    3y

    John,

    Yes, it is best to find someone who is familiar with real estate taxation, multi-state taxation along with understanding the state tax laws that you invest in.
    The good thing about investing in Tennessee is that they don't have an individual income tax.
    Therefore, you don't need a professional to understand Tennessee individual state taxation laws...since there are none

    Best of luck to you in your search.

    [email protected]917-280-8544
    Basit Siddiqi CPA4.979 Reviews
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    1Reply
  • Luka Milicevic
    Real Estate Agent · Nashville, TN · Member since 2015 · 2k+ posts · 2k+ votes
    3y

    @John M Arnoldsen

    I would definitely look for someone local. Familiarity with state law being the biggest reason. My CPA is local here in TN and is very familiar with the state specific requirements for TN LLC taxes.

    In terms of attorneys...same goes for them.

    When I graduated business school I set up my real estate LLC in Delaware bc that's where 50% of all corporations/LLCs were set up. I quickly realized that was a complete waste as I'm running a small business. I set up my next LLCs in TN. It's such an easy process these days as everything is done online.

    1Reply
  • Luka Milicevic
    Real Estate Agent · Nashville, TN · Member since 2015 · 2k+ posts · 2k+ votes
    3y
    Quote from @Basit Siddiqi:

    John,

    Yes, it is best to find someone who is familiar with real estate taxation, multi-state taxation along with understanding the state tax laws that you invest in.
    The good thing about investing in Tennessee is that they don't have an individual income tax.
    Therefore, you don't need a professional to understand Tennessee individual state taxation laws...since there are none

    Best of luck to you in your search.


    This is for personal income only. He is talking about setting up an LLC, in which case he will have to file a TN state return.

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