Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Tax, SDIRAs & Cost Segregation
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 5 years ago on . Most recent reply presented by

User Stats

7
Posts
6
Votes
Luis Baumeier
  • Rental Property Investor
6
Votes |
7
Posts

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

Most Popular Reply

User Stats

1,982
Posts
1,765
Votes
Eamonn McElroy#5 Tax, SDIRAs & Cost Segregation Contributor
  • Accountant
  • Atlanta, GA
1,765
Votes |
1,982
Posts
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...

Loading replies...