Searching for CPA experienced with Florida Condo Invest Props
Hello BP!
I am in search of a CPA to guide me in tax strategies for my only investment property which is a condo in Orlando, FL. I am willing to work virtually.
- I reside in DFW, Texas
- I tellecommute for a business in Baltimore, MD. Maryland is still taking income tax and I need discuss any strategies around this.
- My husband works for a business here in the state of Texas and does not pay income tax.
- My husband and I purchased a 3/2 SFH in Tarrant County, TX in June in which we currently live. We will convert this home to a rental when we move for work (most likely in 2019).
- We are likely to move to Colorado where we will purchase another home, live in it, and convert to rental if we move again.
- The FL Condo is upside down. Purchase price of $143K in 2006, I resided in it until 2011. Converted to rental in 2012. Did not understand tax implications so I did not do a market analysis to confirm FMV at the time of conversion. My guess is about $50K FMV in 2011 and current estimated value of $80K. Negative cash flow ($390 monthly condo dues). I did a ReFi 30yr fixed at 4.99% in 2015 with $93K remaining balance. This is where I need the most advice.
- Due to income levels, I was only able to claim 50% of losses in 2015. I project ability to claim more this year due to maximizing tax-advantaged accounts.
- I have always done my own taxes but am considering paying for professional prep this year.
Thank you for any suggestions!
~ Liz