Colorado Springs CPA & separating personal/REI finances

[Brittany Myers]

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!

[Bill Hampton]

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.