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Updated almost 7 years ago on . Most recent reply presented by

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Danny Ondik
  • Investor
  • Chicago Suburbs
17
Votes |
73
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Who to talk to in order to get all tax advantages?

Danny Ondik
  • Investor
  • Chicago Suburbs
Posted

Hello,

I was able to buy two rental properties this year (and my only 2), but want to make sure that I take advantage of all the tax benefits possible. I'm assuming I don't go to H&R block to do this. Who should I get in touch with? How do I find the most qualified person?

Thanks for any and all advice!

Danny

Most Popular Reply

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Eamonn McElroy#5 Tax, SDIRAs & Cost Segregation Contributor
  • Accountant
  • Atlanta, GA
1,765
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1,982
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Eamonn McElroy#5 Tax, SDIRAs & Cost Segregation Contributor
  • Accountant
  • Atlanta, GA
Replied

As @Lance Lvovsky has already suggested, tax planning/consulting is where the money is saved.  Tax compliance (tax returns) is backwards looking and you can't change the facts.

That said, I more often than not  find something wrong when reviewing prior returns of prospects who were previously DIY.  You don't know what you don't know...

My general advice is that if your activity consists of: W-2, 1099-INT, 1099-DIV, 1099-B, 1099-R, and/or 1099-SSA, knock yourself out with TurboTax, TaxAct, etc as a CPA/EA won't be able to provide much value, if any at all.  Rentals, businesses, interests in passthrough entities...that's starting to get into professional territory unless you're willing to devote a large amount of time to continuously educating yourself, and are okay gambling with free, general advice on the internet.

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