Colorado Springs CPA & separating personal/REI finances

5 Replies

Hello! My husband and I are purchasing items for our very first Airbnb (we will be renting out a room in our house). Can someone recommend a CPA in the Colorado Springs market? We have several questions on how to keep our personal finances separate from our real estate investing finances as this will make it much easier come tax time. Also, curious how you BPers separate checking/savings accounts?? We use Chase and Ally for personal finances. Should we consider creating a separate account with Chase and Ally designated to REI or open an account with a different bank entirely? Looking into Citi Bank specifically for their Double Cash CC. Thanks so much in advance for your recommendations!

Brittany, 

Are you open to working with your accountant remotely? I recommend finding an accountant who specializes in real estate taxation over one that is local. You should consider working with your CPA remotely to expand your options.

I would also recommend looking for a tax strategist who is willing to work with you throughout the year, not just when preparing your tax return. You want an accountant that can help you strategize and who is responsive when you want to know the tax consequences of the decisions you are making throughout the year.

Good luck and let me know if you have any questions.

@Brittany Myers

It is normally advised to open up a separate bank account to just run your rental activity. This way you go through your bank's activity and determine what the expense is for instead of having to figure out if it is business or rental.

Some things to consider for the purchases that you make - are they eligible for immediate expensing/section 179 expense/bonus depreciation.

Good luck on your search for a CPA.

Hi Brittany,

I'm located in Denver but I have clients in the Springs and I'm down there fairly regularly. If you and your husband would like to talk, I'd be happy to schedule an initial consultation with you.

Carl