Seeking a tax strategist/accountant for investment properties

4 Replies

Good Evening All,

I'm current looking for an accountant/tax strategist that has experience in saving money on REI's taxes in CA. I have a few properties that I'm self managing (in CA) and I'm looking to add another one by the end of the year (in another state), but I have no clue as to the best approaches when it comes to tax season.

I try to keep well organized records since I have a background in personal finance and a bit of accounting, but after that I'm so lost.

Are there any accountants that operate remotely? I recently made the switch to a digital book keeping system, so would I be able to send the tax documents over to them?

Any suggestions would be amazing!

Thank you!

-De'Andre Williams

Originally posted by @De'Andre Williams :

I'm current looking for an accountant/tax strategist that has experience in saving money on REI's taxes in CA.

Are there any accountants that operate remotely? 

@Brian Schmelzlen is in San Diego area.  @Jana Cain and @Matt Ward are in SF area.

As to a remote accountant - there are about 20 of us here on this forum, working with clients nationwide, all real estate experts. Just browse the forum and contact whoever you like.

I am not an accountant so verify this recommendation with a professional.  

The best thing you can do to help your taxes is to have either you or your spouse qualify as an RE professional.  It is also much easier to qualify as an RE professional if the person striving to be an RE professional does does not have other full time employment. 

https://www.biggerpockets.com/renewsblog/2010/08/04/basics-of-real-estate-professional-status-tax-irs/

If we do two units of rehab in a year (each rehab likely takes a few hundred hours as the hours add up fast), then the wife qualifies fairly easy as an RE professional when combined with her usual RE duties.  The threshold (750 hours) is not hard to hit if you do not otherwise have full time employment.  If you have other employment, the RE hours must be greater than the hours for all other employment.  This makes it virtually impossible for someone with full time employment to qualify as an RE professional.