Looking for a solid CPA for personal tax + rental property

Tax, SDIRAs & Cost Segregation
5yFollow

Looking for a solid CPA for personal tax + rental property

David Pearson
Investor · New York, NY · Member since 2020 · 24 posts · 11 votes

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

3Reply
17 views

Most Popular Reply

Greg O'BrienBusiness Member
Accountant · Boston, MA · Member since 2019 · 386 posts · 336 votes
5y

@George Skidis not true if you are a CPA. CPAs do not need to register, we simply list a particular code

2Reply
See this reply in the discussion

7 Replies

Jump to latestLatest
  • Bill HamptonBusiness Member
    Accredited Investment Fiduciary, AIF®, Financial Planner, Tax Strategist, Real Estate Investor · Atlanta, GA · Member since 2012 · 2k+ posts · 977 votes
    5y

    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.

    404-482-3170
    Hampton Tax and Financial Services LLC4.7106 Reviews
    WebsiteView Page
    1Reply
  • David Pearson
    OP
    Investor · New York, NY · Member since 2020 · 24 posts · 11 votes
    5y
    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

    1Reply
  • George SkidisPro Member
    Rental Property Investor · Belleville, IL · Member since 2017 · 875 posts · 529 votes
    5y

    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.

    0Reply
  • Greg O'BrienBusiness Member
    Accountant · Boston, MA · Member since 2019 · 386 posts · 336 votes
    5y

    @George Skidis not true if you are a CPA. CPAs do not need to register, we simply list a particular code

    2Reply
  • Aaron ZimmermanBusiness Member
    Accountant · Chicago, IL · Member since 2018 · 2k+ posts · 1k+ votes
    5y

    @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.

    [email protected]
    Brick House CPAs53 Reviews
    WebsiteView Page
    0Reply
  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    5y

    @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.

    [email protected]917-280-8544
    Basit Siddiqi CPA4.979 Reviews
    View Page
    1Reply
  • David Pearson
    OP
    Investor · New York, NY · Member since 2020 · 24 posts · 11 votes
    5y

    @Aaron Zimmerman @Basit Siddiqi Thank you both for your advices.

    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free