Looking for a real estate focused CPA covering PA and NJ

[Robbie McCarthy]

I'm a developer, landlord, flipper looking for a long-term CPA to work to grow the business by setting the optimal tax strategies in place. I have rentals in both states and am currently marketing a flip purchased in 2023 and need to determine the best way to handle the 2023 tax return plus the resulting finds from the sale of the flip.  Booker in place has full books for 2023/24. But we are missing expertise the maximise our current and future tax position. Thanks. Robbie

[Sammy Habbaz]

Quote from @Robbie McCarthy:

I'm a developer, landlord, flipper looking for a long-term CPA to work to grow the business by setting the optimal tax strategies in place. I have rentals in both states and am currently marketing a flip purchased in 2023 and need to determine the best way to handle the 2023 tax return plus the resulting finds from the sale of the flip.  Booker in place has full books for 2023/24. But we are missing expertise the maximise our current and future tax position. Thanks. Robbie

Try reading some of the posts here from other accountants. See if someone sticks out as a potential partner. 

In terms of your tax situation, if economically feasible try renting for a year first. Could eliminate the self employment tax on the flip. 

Also try to time the sale and the purchase of a new property within the same year. This will allow you to use bonus depreciation to offset some of the gain. 

There's a lot that goes into this, mainly making sure the numbers work first, then worry about the taxes. Then talk to a CPA, if this works with your overall tax situation. 

[Jonathan Bock]

Robbie, 

Local to you CPA/PFS in Bryn Mawr we should talk shop and of course check BP Tax Finder and posts lots of great practitioners on BP.  

[Robbie McCarthy]

Quote from @Sammy Habbaz:

Quote from @Robbie McCarthy:

I'm a developer, landlord, flipper looking for a long-term CPA to work to grow the business by setting the optimal tax strategies in place. I have rentals in both states and am currently marketing a flip purchased in 2023 and need to determine the best way to handle the 2023 tax return plus the resulting finds from the sale of the flip.  Booker in place has full books for 2023/24. But we are missing expertise the maximise our current and future tax position. Thanks. Robbie

Try reading some of the posts here from other accountants. See if someone sticks out as a potential partner. 

In terms of your tax situation, if economically feasible try renting for a year first. Could eliminate the self employment tax on the flip. 

Also try to time the sale and the purchase of a new property within the same year. This will allow you to use bonus depreciation to offset some of the gain. 

There's a lot that goes into this, mainly making sure the numbers work first, then worry about the taxes. Then talk to a CPA, if this works with your overall tax situation. 

 Thanks Sammy, good advice.

[Zachary Jensen]

Hey @Robbie McCarthy, 

As accountants on BP we cant directly promote our services. 

To help you in your search: be sure to find an accountant who is willing to grow with you, and is not too high priced fee-wise. Not too low either, you don't want to go with someone who is just focused on price as this is a quality of a not-so-great accountant. Accountants are in such demand, that the best are not even accepting clients half the time.

The other problem I see often with accountants on here is that they specialize in larger investors, and have really high prices when you as a smaller investor do not need all the bells and whistles.

Another thing I see is folks thinking they need to have a tax professional in their state. We as a firm have investors working with us who have rental properties all over the US big and small.

Finding a real estate-focused tax professional and one who can help with advisory and grow with you would be my suggestion to focus your efforts on finding. Best of luck in your search!

[Nate Meeker]

@Robbie McCarthy you are exactly right in wanting to find a quality CPA who can help you grow by using tax planning strategies. My greatest piece of advice would be to look for a CPA who specializes in real estate investing, regardless of whether the CPA is in your same city or state.