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Tax, SDIRAs & Cost Segregation

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Chris Ghemm
  • National City, CA
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Should I get an accountant?

Chris Ghemm
  • National City, CA
Posted Feb 23 2018, 22:29

First time landlord here.  I have been using turbo tax for 10 years using itemized deduction for my personal income tax. Last September 2017, I bought another home and converted my primary residence (since 2011) as rental.  I just finished doing the taxes using Turbo Tax premier but I was wondering if getting an accountant will give me better return.  I think if accountant use the same papers I entered then the tax will be the same unless there might be something that Turbo Tax may not be covering that the accountant knows. 

I had problem getting the cost of land as I don't have a copy of the first tax bill when I purchase the home. The oldest property tax bill I have is 2013 so I guessed the cost of land for 2011 just a few thousand lower than the 2013 cost of land. Will that be an issue with the IRS?  

Also, I added a synthetic turf and retaining wall (around $5,000) in April 2017. I don't have receipt anymore (lost them during our move) but I have quotes that was emailed to me.  Will I be able to use that as receipt? Or since the work was done before it was rented, will it even affect the depreciation base value?  

Do you have CPA recommendation in National City or Chula Vista area?

How much will it cost for a CPA to do my taxes?  

Thanks!

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