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Updated about 5 years ago on .
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Should I hire a tax advisor? first time filing taxes with an LLC
Last year I began investing in real estate and will need to file taxes for 2019. I have an LLC with 2 single family homes that were both purchased in 2019 and used as buy-and-hold rental properties. Since this will be my first time filing taxes for my LLC I wanted to get advice on whether I should go through a tax advisor/accountant or if it best to file the taxes myself with TurboTax or other tax software.
Does anyone have a tax professional that they recommend I contact?
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- CPA delivering RE Tax Tools: 1031 Exchange, SDIRA, 401(k), Cost Seg
- New York City, NY
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@Scott Anderson You've gotten great info from @Carl Fischer and @Bill Hampton. There are many highly qualified tax pros on BP, and it's a matter of finding the best fit for yourself. Based on your location and tax profile, I'd encourage you to get in touch with @Daniel Hyman.
As an aside, you won't technically be "filing taxes for your LLC" with the IRS; rather it will all be reported on your personal tax return.
The first year tax set up of your investment properties dictates current and future year tax deductions - so it's important that you get it right.