Looking for a solid CPA for personal tax + rental property

7 Replies

Hi,

I own a rental property in Illinois and am living out-of-state in California.

I am looking for a CPA partner to help me file my personal tax as well as guiding me through my first year reporting my rental property.

Does anyone have any recommendation?

Thank you!

David Pearson

Rental Property - Real Estate Investor

David, 

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.

You also want an accountant that understands multi-state taxation. 

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

Originally posted by @Bill Hampton :

David, 

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.

You also want an accountant that understands multi-state taxation. 

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

Hey Bill,

I appreciate the thorough answer and advice. My assumptions are that filing your taxes isn't too complicated if you have done your homework and worked on your tax breaks, and paperwork throughout the year. Would you agree with this?

Also, what would be the best way to find a good tax strategist partner? I'll definitely reach out to you in private, but I also don't know where to start when looking for a financial partner.

Thank you for your response!

David


 

CALIFORNIA as well as New York require tax preparers to be licensed by the state. Just remember that if you formed a business entity or bought property in another state CALIFORNIA STILL wants their cut.

Check with the Los Angeles Real Estate Investors Association, (LAREIA) run by Bill Tan and see who their members use. Or go to the National REIA website, check on find an association near me and find a group closer to you.

@David Pearson the biggest thing once you get your CPA figured out is them showing you how they calculated your basis. It's possible to miss a few things that could lead to lost depreciation.

@David Pearson

California has one of the most complex state tax laws in the country. You want to make sure that you work with a professional who understands California state taxation.

The fact that you have a rental property in Illinois - You may now be required to file a non-resident state tax return with the state.

Good luck in your search for a CPA.