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Updated over 6 years ago on . Most recent reply presented by

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Robert Hastings
  • Philadelphia, PA
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write off consultant fees?

Robert Hastings
  • Philadelphia, PA
Posted

i have a CPA but before i run this by him i wanted to ask the forum first...

my rental business has several properties but all my rental income rolls up into 1 LLC.

i know some people have different llcs for different properties, but i do not.  I did well last year and i wanted to know some creative write offs that may apply beyond the normal upkeep, utilities, repair, taxes, insurance...

can i write off consultant fees to a company who helps me evaluate deals and find properties? 

Most Popular Reply

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Natalie Kolodij
  • Tax Strategist| National Tax Educator| Accepting New Clients
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Natalie Kolodij
  • Tax Strategist| National Tax Educator| Accepting New Clients
ModeratorReplied

Sure. Any ordinary and necessary expenses. 

However- I would never rack up extra expenses just to reduce your taxable income. 

Even if you're doing excellent with REI your taxable income shouldn't be too high. Does your CPA specialize in investors?

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Kolodij Tax & Consulting

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