Looking for Accountant and RE Lawyer In Denver Area

Real Estate Agent · Denver, CO · Member since 2019 · 11 posts · 2 votes

Looking for an accountant and RE Lawyer with experience in house hacking. I have one SFU and hope to grow my portfolio. Accountant would be needed to provide guidance on bookkeeping/taxes. Lawyer would be needed to review existing and new leases.

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Chris Freeburg

Real Estate Agent · Denver, CO · Member since 2017 · 145 posts · 99 votes

@Hannah Taylor I recommend @Linda Weygant for an accountant (I house hack as well). She was recommended to me and her name often comes up in BP forums. She knows the ins and outs of taxes as it relates to house hacking. She'll also do bookkeeping for an additional fee.

You can schedule a free consultation here:

http://www.cluebiz.biz/schedul...

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Bill HamptonBusiness Member
Accredited Investment Fiduciary, AIF®, Financial Planner, Tax Strategist, Real Estate Investor · Atlanta, GA · Member since 2012 · 2k+ posts · 977 votes
5y
Hannah,
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.
House hacking will complicate your tax return. Your property can be treated as both an investment property and a personal residence. Your property expenses will need to be divided between business deductions and personal deductions.
House-hacking will also complicate your taxes if you sell the property.

Good luck and let me know if you have any questions.
404-482-3170
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Chris Freeburg
Real Estate Agent · Denver, CO · Member since 2017 · 145 posts · 99 votes
5y
@Hannah Taylor I recommend @Linda Weygant for an accountant (I house hack as well). She was recommended to me and her name often comes up in BP forums. She knows the ins and outs of taxes as it relates to house hacking. She'll also do bookkeeping for an additional fee.
You can schedule a free consultation here:
http://www.cluebiz.biz/schedul...
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Daniel HymanBusiness Member
CPA · Milwaukee, WI · Member since 2016 · 2k+ posts · 1k+ votes
5y
Another vote for @Linda Weygant who has provided tremendous value to the BP forums over the years.
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Hannah Taylor
OP
Real Estate Agent · Denver, CO · Member since 2019 · 11 posts · 2 votes
5y
@Bill Hampton thank you very much for the advice. I agree that an annual accountant is critical. And yes, with house hacking, things can be complicated. Much appreciated.
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Hannah Taylor
OP
Real Estate Agent · Denver, CO · Member since 2019 · 11 posts · 2 votes
5y
@Chris Freeburg thank you very much for the recommendation, I will reach out!
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Hannah Taylor
OP
Real Estate Agent · Denver, CO · Member since 2019 · 11 posts · 2 votes
5y
@Daniel Hyman thank you!
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James Carlson
Real Estate Agent · Colorado | stan.store/JamesCarlson · Member since 2014 · 2k+ posts · 2k+ votes
5y
@Hannah Taylor

I third Linda. We used two other CPAs for our real estate investments in Denver and Colorado Springs before switching to Linda. She's a step above.

I'd also reach out to @Drew Fein. She's a Denver real estate attorney. We've worked with her on a few items and has been great. Plus, she has developed a house-hacking lease that addresses additional liability issues not covered in normal leases.

Good luck!
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Basit SiddiqiBusiness Member
Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
5y
@Hannah Taylor

I also recommend @Linda Weygant. Below is some information on House-hacking to keep you informed.
When doing the bookkeeping function, you want to make sure not to incorrectly record business expenses as personal expenses and personal expenses as business expense.

House hacking makes your tax situation more complex.
You purchased a property that is treated as both an investment property and a personal residence. As such, payments that you make need to be prorated between business deductions and personal deductions.

Payments that you make normally fall into one of 3 buckets
100% of the payment can be factored in somewhere on the return
Partial payment can be factored somewhere on the return
0% of the payment can be factored in somewhere on the return

House-hacking also has considerable tax implications in the event that you want to sell this property.

You can potentially defer a portion or all of the gain on the investment property with 1031 exclusion.
You can potentially exclude a portion or all of the gain on the personal residence with section 121 exclusion
[email protected]917-280-8544
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Drew FeinPro Member
Attorney · Denver, CO · Member since 2015 · 207 posts · 104 votes
5y
Thanks for the shout out, @James Carlson! I also recommend @Linda Weygant!
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Linda WeygantPro Member
Investor and CPA · Arvada, CO · Member since 2015 · 2k+ posts · 3k+ votes
5y
Oh my goodness, it's a Linda love fest in this thread! Thanks everybody! (@Chris Freeburg, @Daniel Hyman, @James Carlson, @Basit Siddiqi)

For the record, I'm just going to +1 @Drew Fein. I've referred several clients to her and they all rave about her.
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