Best Tax Tools / Resources for a Beginner Single Rental Property Owner

Member since 2024 · 42 posts · 12 votes

Hey all does anyone know of any good books, articles, etc learn about tax strategy? I only have 1 property and a W2 so am just starting at not really at the stage where it makes sense to hire an expensive tax strategist (unless the forum disagrees).

Despite this, obviously want to make sure I am tax efficient. Just looking for any affordable resources, tools, etc.

Thanks!

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Michael PlaksPro Member

Tax Accountant / Enrolled Agent · Houston, TX · Member since 2014 · 5k+ posts · 6k+ votes

Quote from @Franklin Marquette:

Despite this, obviously want to make sure I am tax efficient. Just looking for any affordable resources, tools, etc.

Thanks!

Bigger Pockets bookstore sells two decent books on tax strategies.

You can also shop on Amazon for books by Sandy Botkin, Stephen Fishman, Tom Wheelright and Diana Kennedy

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Account Closed
Accountant · NY · Member since 2025 · 39 posts · 41 votes
1y
First, just make sure you have great bookkeeping practices in place. REI Hub is great for this. Make sure you are tracking all expenses, so no missed deductions.
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- Sean O'KeefePro Member
  CPA | Accepting new clients | 50 States · Member since 2022 · 1k+ posts · 870 votes
  1y
  Quote from @Account Closed:
  
  First, just make sure you have great bookkeeping practices in place. REI Hub is great for this. Make sure you are tracking all expenses, so no missed deductions.
  You have 5 posts and all of them are about RE Hub - might be time to disclose your relationship 🤔
  [email protected]628-241-0888
  0 Reply
Michael PlaksPro Member
Tax Accountant / Enrolled Agent · Houston, TX · Member since 2014 · 5k+ posts · 6k+ votes
1y
Quote from @Franklin Marquette:

Hey all does anyone know of any good books, articles, etc learn about tax strategy? I only have 1 property and a W2 so am just starting at not really at the stage where it makes sense to hire an expensive tax strategist (unless the forum disagrees).
Despite this, obviously want to make sure I am tax efficient. Just looking for any affordable resources, tools, etc.
Thanks!
Bigger Pockets bookstore sells two decent books on tax strategies.

You can also shop on Amazon for books by Sandy Botkin, Stephen Fishman, Tom Wheelright and Diana Kennedy
3 Reply
- Sean O'KeefePro Member
  CPA | Accepting new clients | 50 States · Member since 2022 · 1k+ posts · 870 votes
  1y
  Quote from @Michael Plaks:
  
  Quote from @Franklin Marquette:
  
  Hey all does anyone know of any good books, articles, etc learn about tax strategy? I only have 1 property and a W2 so am just starting at not really at the stage where it makes sense to hire an expensive tax strategist (unless the forum disagrees).
  Despite this, obviously want to make sure I am tax efficient. Just looking for any affordable resources, tools, etc.
  Thanks!
  Bigger Pockets bookstore sells two decent books on tax strategies.
  
  You can also shop on Amazon for books by Sandy Botkin, Stephen Fishman, Tom Wheelright and Diana Kennedy
  Good suggestions here from Michael
  [email protected]628-241-0888
  1 Reply
Dan Hawtree
Member since 2025 · 24 posts · 10 votes
1y
A "tax strategist" is someone anuitizing what is typically an annual tax planning discussion. There are plenty of competent real estate knowledgeable tax advisors without the yoke of a subscription.
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Michael PlaksPro Member
Tax Accountant / Enrolled Agent · Houston, TX · Member since 2014 · 5k+ posts · 6k+ votes
1y
Quote from @Dan Hawtree:

A "tax strategist" is someone anuitizing what is typically an annual tax planning discussion. There are plenty of competent real estate knowledgeable tax advisors without the yoke of a subscription.

Both "tax strategist" and "tax advisor" are merely self-assigned marketing-based descriptions. They do not convey the business model used by the person - as in subscription or otherwise - and they do not convey any specific qualification or service, either.
https://www.biggerpockets.com/forums/51/topics/1222774-expla...
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Account Closed
Investor · Member since 2025 · 21 posts · 21 votes
1y
If you're interested in self-directed IRAs as a tax-saving approach, there are many great educational resources out there, including on the BiggerPockets blog. I'd be happy to share any education on specific topics if you'd like! Good luck!
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- Franklin Marquette
  OP
  Member since 2024 · 42 posts · 12 votes
  1y
  Quote from @Account Closed:
  
  If you're interested in self-directed IRAs as a tax-saving approach, there are many great educational resources out there, including on the BiggerPockets blog. I'd be happy to share any education on specific topics if you'd like! Good luck!
  
  That would be amazing if you could share a couple best SDIRA resources / books out there. I am intrigued and would love top learn more.
  Thanks!
  0 Reply
- Account Closed
  Investor · Member since 2025 · 21 posts · 21 votes
  1y
  Absolutely @Franklin Marquette! Here is a recent BiggerPockets podcast where they talk about depreciation tax benefits vs the tax benefits of investing in real estate in an IRA.
  
  And here's an article about the difference when investing in different tax environments.
  
  0 Reply
Dan Hawtree
Member since 2025 · 24 posts · 10 votes
1y
@Michael Plaks I personally have not seen a "tax strategist" who doesn't do subscription type fees. The whole point of using the monicker is an attempt to differentiate both in title and fee basis.

There's such a shortage of qualified professionals, there's no need for legits to rebrand, except 1) insinuate a non existent level of knowledge 2) justify a different pricing structure.

But hey, what do I know. I'm not selling anything. Just the advice I give to those I love.
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Franklin Marquette
OP
Member since 2024 · 42 posts · 12 votes
1y
Thanks everyone for the incredibly helpful replies!
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Franklin Marquette
OP
Member since 2024 · 42 posts · 12 votes
1y
Thanks @Account Closed
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Jason MalabuteBusiness Member
Accountant · Los Angeles, CA · Member since 2016 · 2k+ posts · 897 votes
1y
If you’re just starting out with one rental property and you’re a W-2 earner, keep it simple. The most important thing to understand is that rental real estate is usually considered a passive activity, and normally passive losses can only offset passive income. However, if your modified adjusted gross income is under $150,000, you may qualify for a special $25,000 allowance. This means you can use up to $25,000 of rental losses to offset your W-2 income—even if you’re not a real estate professional—as long as you’re actively involved in managing the property (e.g. making decisions, approving repairs, handling tenant issues, etc.).

Also, don’t overthink your bookkeeping. QuickBooks is a simple and affordable tool to help you track income and expenses for your rental. It makes it easier to monitor how your property is performing, and come tax time, everything is already organized. There are plenty of free tutorials on YouTube to walk you through the basics if you’re new to it.
Malabute & Company CPAs525 Reviews
Website View Page
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Max Emory
Accountant · 100% Remote · Member since 2019 · 495 posts · 215 votes
1y
@Franklin Marquette lots of SMEs here to ask specific questions for the tax side. I hired an REI-savvy tax pro to file my return after buying my first 2 rentals and it was well worth it. So, don't count that option out.
I'll double down on the bookkeeping comments. Bookkeeping comes before anything else. It's the foundation for your business's finances. So, make sure you have a system for keeping track of your income/expenses for your propery at the very least as you're starting out.

- Time Capital Bookkeeping (REI since 2019)
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