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Tax, SDIRAs & Cost Segregation

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Ken Vingua
  • Oceanside, CA
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How to find a CPA that is knowledgeable in multiple states?

Ken Vingua
  • Oceanside, CA
Posted Jan 20 2018, 09:21

I am a military investor that has 6 SFR in 5 states and I believe this is the time to move from TurboTax to a CPA. I also created an LLC to begin Flipping and BRRRR investing last year. I live in California and that is only temporary. I'm hoping to find a virtual CPA that can assist with tax filing and strategies for my unique situation. I will need most correspondence to be done online since I can be located anywhere in the world from one year to the next.

I have had some difficulty in searching for this type of support and am hoping for some tips or referrals from investors in similar situations. 

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Lance Lvovsky
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  • Fort Lauderdale, FL
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Lance Lvovsky
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  • Fort Lauderdale, FL
Replied Jan 20 2018, 09:38

You may want the firepower of a National firm that has a SALT team (State and Local Tax). Many CPAs are versed in different state's tax laws so long as they have clients all over the country. Reach out to a couple CPA's and see how they can help you with your tax filings.

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Christopher Smith
  • Investor
  • brentwood, CA
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Christopher Smith
  • Investor
  • brentwood, CA
Replied Jan 20 2018, 10:03

I think you should be able to find if you spend sometime inquiring a competent practitioner that has both ample real estate and multi state experience at many mid sized firms. 

You could go to one of the large national firms and they would certainly have the necessary expertise, but rates can be very very pricey and frankly you may not be much of a priority since most of their client base will be public and large very well established private groups. Just a reality, they may well feel they have bigger fish to fry, so individuals like us have a hard time competing for their dedicated time.

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Carl Fischer
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  • Rental Property Investor
  • Ambler, PA
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Carl Fischer
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  • Rental Property Investor
  • Ambler, PA
Replied Jan 20 2018, 10:11

@Ken Vingua

Thx for your service. @Lance Lvovsky has great answers and I try to minimize SALT As much as possible and I would talk to Lance. I’m not sure if Lance does multi state returns.  I have a main CPA but also have a couple in different states for my companies and properties. It’s not generally a problem for good CPAs. @Brandon Hall covers many states so try him as well. 

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Lance Lvovsky
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  • Fort Lauderdale, FL
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Lance Lvovsky
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  • Fort Lauderdale, FL
Replied Jan 20 2018, 10:17

@Carl Fischer Thanks Carl. I do state tax returns and I have a SALT team at my firm.

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Shane Thompson
  • Military
  • Kodiak, AK
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Shane Thompson
  • Military
  • Kodiak, AK
Replied Jan 21 2018, 01:35

I am in the Coast Guard currently stationed in Kodiak, AK. My CPA is located in Merriam, KS and has taken care of me through the sale of a condo in San Diego, purchasing a home in Kodiak, AK, and holding my buy and hold SFR (also in San Diego). You're farther along than I am with your portfolio but I can say at least for my situation Kansas City Tax Mediation has been great. Everything is done through email and phone. If you'd like feel free to PM me for their contact info. Good luck with your search!

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Upen Patel
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Upen Patel
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Replied Jan 21 2018, 08:00

@Ken Vingua I would recommend @Brandon Hall. He is an expert CPA focus on REI clients.

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Bruce May
  • Lender
  • San Diego, CA
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Bruce May
  • Lender
  • San Diego, CA
Replied Jan 21 2018, 08:31

For about a decade now @Nate Busch at Busch Tax Co. in Gahanna, Ohio has done our taxes and we have properties in multiple states. He's an investor himself.

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Rachel Bier
  • Investor
  • Napa, CA
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Rachel Bier
  • Investor
  • Napa, CA
Replied Jan 23 2018, 21:56

Amanda Han at Keystone CPA is awesome!!

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Basit Siddiqi
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#2 Tax, SDIRAs & Cost Segregation Contributor
  • Accountant
  • New York, NY
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Basit Siddiqi
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#2 Tax, SDIRAs & Cost Segregation Contributor
  • Accountant
  • New York, NY
Replied Jan 24 2018, 13:24

@Ken Vingua

Investing in multiple states increases the complexity of your tax profile.

There are no 2 states with the same tax laws.
Some states allow NOL Carryforwards/Carrybacks, some don't
Some states follow federal guidelines for section 179 expense/bonus depreciation; others don't
Some states use Sales, Property Payroll as apportionment factors; some just use sales as an apportionment factor.

You may want to question your CPA to see if he is comfortable doing the state returns that you invest in.