REI savvy accountants? Amended returns?

7 Replies

Im looking to start working with an tax professional that specializes in REI clients. Im pretty sure I need to do an amended return. I didn't take any depreciation, I did a bit of improvements to the rental half of my 2 family, and I need to change head of household status and dependants. Are there any recommendations for New Haven or Fairfield County Connecticut accountants. How many people use accountants that aren't local?

Thank you for the mention, @Carl Fischer

@Peter Kopchik - there are not that many accountants who specialize in REI. If you're in a major metro area - you can probably find someone local who knows real estate business. But even in a big city it can still be a hassle to drive across town. I'm in Houston, and the joke (correctly) says that "Houston is actually an hour away from Houston."

These days, technology allows us to work remotely, never having to meet face-to-face. Browse this forum and see who you like. There are about 20 REI accountants here, most of us working nationwide.

@Peter Kopchik

Just as @Michael Plaks   said if you are comfortable working remotely with a CPA there are a number on BP that work remote (myself included). Take a look through Tax & Legal and you'll be sure to find plenty posting here.

Many of us have prepared multi-state returns and are comfortable with the nuances of state taxes.

Let me know if you have any questions I'd be happy to help!

P.S. @Michael Plaks great way to describe Houston! 

There are some great CPAs on here who work virtually- Unfortunately I don't have one in CT for you. 

I would recommend reaching out to @Jake Hottenrott - I'm not sure if he's accepting new clients at this point. 

@Linda Weygant is another I'd recommend, she's also been a BP podcast guest. 

I would say any REI Tax pro is quite well versed in amended returns and 3115s- If your only issue with your previously filed return was depreciation then you may not actually need to amend, may just need a form filed.

It's the magic eraser of most non RE savvy tax preparer mistakes.  ^_^

@Natalie Kolodij is right. if you’re just trying to fix depreciation you don’t need to amend your returns, you need to file form 3115. It allows you to catch up on any missed depreciation by using the section 481(a) adjustment. You can only amend the past 3 years, but you can go back much farther with form 3115 to correct depreciation. If the assets are worth enough it would make sense to do a cost segregation study to maximize the depreciation. Most firms will include form 3115 with the cost segregation study.