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Luis Baumeier
  • Rental Property Investor
6
Votes |
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My tax advisor says I am defining my business wrongly.

Luis Baumeier
  • Rental Property Investor
Posted

I called my tax advisor to ask how to use my business credit card. She is my wife's aunt and is not a CPA, but has being preparing taxes for the whole family for years and for other people, including some LLCs. I was asking if we were going to be able to deduct the computer and printer I bought on that credit card, since I use for my business. I own 2 SFHs as rentals under the LLC. She told me we were not going to be able to deduct that because my business is not a real estate business, but only a rental business. Is she right? Should I look for a real CPA and do my taxes with them ?( I called some CPAs in the past but they were quoting me $2000+ to do my taxes, that's why I stuck with the aunt for $300)

What should I do?

Thanks

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

"I called some CPAs in the past but they were quoting me $2000+ to do my taxes, that's why I stuck with the aunt for $300"

I wouldn't examine the cost, but rather the value you obtain.  It sounds like you're learning the value you get from your $300 return preparer is commensurate with her cost...

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