I made my first purchase back in July.
Just getting a feeler out here to see if anyone can suggest or if there are any CPAs/tax professionals on here that I could have a meeting with.
Haven't decided if I'm going to sell or rent yet so I have a handful of questions.
Thanks in advance!
As for an accountant do not feel like you need to use someone local. Many of us accountants have clients worldwide. Payroll, bookkeeping, etc can mostly be done remotely.
Here is a great list of questions to ask a potential accountant:http://www.biggerpockets.com/forums/51/topics/70447-questions-to-ask-a-cpa
Also check out the www.NAEA.org page in your search. It should help you find someone local. If someone comes to me, I'll send them your way.
If you need help in your search or want to verify something don't hesitate to ask.
For example: I have clients worldwide and things are just as easy as I e-mail them, talking on the phone. I even use Skype and TeamViewer to communicate with clients so I'd highly recommend looking for one of the best with great references that interviews well with you.
So look for someone you can connect with that works out for your situation.
Feel free to ask here if you have questions.
Hey @Steven Hamilton II !
I saw a post just like this a couple below me, then read your response.. and then anticipated the impending stupidity I'd feel from making you have to comment that all over again, ha!
Maybe I should just be talking to you :P
Just ask if you have any questions.
I guess I just have a lot of questions surrounding tax implications of the home I've purchased.
How I should be keeping up with receipts/purchases, which ones qualify as tax write-offs, home office/travel expenses, paying contractors, holding costs..
And then the tax differences if I decide to sell it right away vs rent it for a year, vs just renting it forever. Stuff like that; I have a decent idea of all of that but I would love for it to be put into simple terms for me from someone who has experience/knowledge in the field. I want to get the most I can out of my investment, obviously, and my investments moving forward.
You should be doing at minimum a detailed excel file. If you go into a partnership with a spouse or family member or open an LLC you are required to have proper bookkeeping.
@Elijah Batkoski you need to hire a licensed tax professional in your area, not one of those franchises, someone with some letters behind their name, and some one who owns investment properties themselves. I promise you will save more in taxes than the fee they charge. Hope this helps, good luck!