Help with tax strategies for investment properties.

Member since 2023 · 2 posts · 2 votes

Hello Everyone,

My name is Corinne O'Connell and I am looking to hire a Real-Estate Investor friendly Accountant. I am a small REI, which one of my properties had a significant loss. Looking for tax help. My husband and I purchased a property that got hit with a category 4 hurricane before we got to rent it out. We have spent the past year fixing (doing all the work ourselves). My husband spends 4 days there working and 3 days at his "paying" job, and I work full-time. I've heard of some tax strategies ie., titling him as a "real estate professional" or even being able to write off some of our losses. How can I find a tax accountant well-versed in taxes specializing in real estate investing?

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Angel Maldonado

Accountant · Dallas, TX · Member since 2020 · 22 posts · 3 votes

Hi Corinne, Bigger Pockets has a directory of real estate tax professionals. Here is the link, it is also posted on the main page of the tax forum. https://www.biggerpockets.com/blog/tax-partners

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Angel Maldonado
Accountant · Dallas, TX · Member since 2020 · 22 posts · 3 votes
2y
Hi Corinne, Bigger Pockets has a directory of real estate tax professionals. Here is the link, it is also posted on the main page of the tax forum. https://www.biggerpockets.com/blog/tax-partners
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Sean O'KeefePro Member
CPA | Accepting new clients | 50 States · Member since 2022 · 1k+ posts · 871 votes
2y
@Corinne O'Connell sorry to hear this.

You need to also evaluate casualty theft and loss and deductibility of expenses that have been reimbursed by the insurance.
[email protected]628-241-0888
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Nate MeekerBusiness Member
Real Estate CPA | California · Member since 2020 · 544 posts · 251 votes
2y
@Corinne O'Connell get familiar with casualty losses. https://www.irs.gov/taxtopics/tc515
The location of your CPA isn't as crucial as their experience with real estate. Many CPAs on this forum have clients and properties across the U.S. Where are your rentals, Florida?
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Basit SiddiqiBusiness Member
Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
2y
There are two tests to qualify for real estate professional status which your husband may potentially be able to qualify for.

1) 750 Hours on real estate related activities
2) more time spent on real estate than another activity such as a W-2 job and business

Talk to your accountant to see if he qualifies. If he does, properly document everything.
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