Looking for a CPA--How, Who???

Question

I have been thinking about doing our taxes, myself, I have never used an accountant.  This is the first year we have had rentals.  We have a SFH in Idaho and a newly acquired tri-plex in Florida.  We are currently living in Florida (Pinellas county).  How do I go about finding the right CPA for a newer investor?

I know so little on this topic that I do not even have a thought on the questions I should be asking...

Does anyone out there have a CPA they have used for a long time that understands investing?  What should I ask a CPA to ensure he is right for our newly started team? Are all CPA's equal?

Thank you, in advance, for any guidance you can send my way!

Samantha

Jonna Weber · Answer

@Samantha Torre- I highly recommend the one we use here in Idaho, but I think you would want a Florida CPA.  I don't think they necessarily have to own their own investments, but they should be very versed in real estate taxes and deductions, who qualifies as a real estate professional, etc.  Your local BP members should be able to proide some recommendations.

Setting things right up at the start will be a big savings down the road.

Samantha Torre · Answer

Brandon,

Thank you so very much for the info and additional reading, so very helpful!!!

Brandon Hall · Answer

@Samantha Torre first and foremost, all CPAs are not equal. You are in the market for a real estate savvy CPA. Such a CPA should own investment property themselves and have a practice primarily made up of clients who also own real estate investments.

How can you tell? First step is to vet them on BP, obviously :) Do they seem to primarily interact with real estate investors? What type of content are they pushing out? Next step is to set up a consultation and ask them about your own situation and maybe a few hypotheticals. It will become clear pretty quickly if they don't know what they are talking about.

Here's a blog post that goes into detail questions to ask a CPA.

Hope this helps!