Looking for Talented CPA for Tax Season

Tax, SDIRAs & Cost Segregation
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Looking for Talented CPA for Tax Season

Lisa Geiger
Greenacres, FL · Member since 2019 · 11 posts · 14 votes

I work in Coral Springs, FL and live in Lake Worth. I am looking for a CPA/Finance Advisor for my team moving forward. I want to make sure we get all the deductions we can for the start up cost for the AirBNB. My husband and I currently file separate and wonder if it is beneficial to file jointly. Hoping one of you can point me in the right direction and make a suggestion on who to see.... Thanks!

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Basit SiddiqiBusiness Member
Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
5y

@Lisa Geiger

Have you done an analysis in the past to determine that Married filing separately provided the least amount of taxes? There are few instances where Married Filing Separate can result in less taxes.

Regarding Airbnb / Short-term rentals. compared to their long-term rental counterpart, they may have larger gross income. To fight this from a tax perspective, you want to see if bonus depreciation/immediate write off is available for the items that you furnish the house with.

Also, doing a cost segregation on a future house may potentially be worth-while to guarantee no passive income for a number of years.

of course, it all depends on the numbers and your tax situation. Talk to a CPA before doing any of the above tactics.

Good luck.

[email protected]917-280-8544
Basit Siddiqi CPA4.979 Reviews
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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

    Lisa,

     I recommend finding an accountant who specializes in real estate taxation over one that is local. You may want to consider working with your accountant 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.

    Since you live in Florida, there is no state tax return. 

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

    404-482-3170
    Hampton Tax and Financial Services LLC4.7106 Reviews
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  • Lance LvovskyPro Member
    Accountant · Fort Lauderdale, FL · Member since 2013 · 1k+ posts · 753 votes
    5y

    @Lisa Geiger

    There are several CPAs on here who can probably help you. It is generally more beneficial to file joint then separate. There are some exceptions to this. For example I have 1 client where the last 2 years I file them separately because of the way phase outs work on the qualified business income deduction. They are saving tens of thousands in taxes. But like I said usually joint is more beneficial. An analysis should be done by your cpa to confirm.

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  • Michael PlaksPro Member
    Tax Accountant / Enrolled Agent · Houston, TX · Member since 2014 · 5k+ posts · 6k+ votes
    5y

    @Lisa Geiger

    If you look next to @Lance Lvovsky's name on his reply above - you will notice that he is local to you. He is a great professional when it comes to taxes. Not sure if he also consults on marital issues. ;)

    If you're OK working remotely, then you can also choose from another 20+ real estate accountants answering questions on this forum.

    1Reply
  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    5y

    @Lisa Geiger

    Have you done an analysis in the past to determine that Married filing separately provided the least amount of taxes? There are few instances where Married Filing Separate can result in less taxes.

    Regarding Airbnb / Short-term rentals. compared to their long-term rental counterpart, they may have larger gross income. To fight this from a tax perspective, you want to see if bonus depreciation/immediate write off is available for the items that you furnish the house with.

    Also, doing a cost segregation on a future house may potentially be worth-while to guarantee no passive income for a number of years.

    of course, it all depends on the numbers and your tax situation. Talk to a CPA before doing any of the above tactics.

    Good luck.

    [email protected]917-280-8544
    Basit Siddiqi CPA4.979 Reviews
    View Page
    2Reply
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