Contractor · Member since 2018 · 21 posts · 10 votes
I want to make sure my accountant does the right thing for me regarding when its time to file taxes being that I now rent out a single family home that I bought and rehabed...is there a sort of check list? I am currently reading BP " tax strategies for the savvy real estate investor"..I want to go in knowing what I need and see if he is up to the task
@Darren Cusanelli I hope you like reading (460 and some pages) because I would suggest you get the NOLO "Every Landlord's Tax Deduction Guide". The book gives you a wealth of information spanning from the time you get ready to go in business, to when you are in business and also gives you some strategies. I read the BP " tax strategies for the savvy real estate investor" but found that I could not use most of the strategies yet. But they are definitely great strategies. Good Luck
There is no checklist for this, other than check that he uses Schedule E, and there is some number in the line named "depreciation." This does not give you confidence he is good, only eliminates the absolute worst cases.
If you want confidence - hire one of the accountants who contribute to this forum. This work can be done completely remotely.
@Patrick I. recommended a very good book, but it is some serious reading.