Need a Real Estate friendly CPA in St. Louis

St. Louis, Missouri
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Need a Real Estate friendly CPA in St. Louis

Frances Cue
Member since 2023 · 6 posts · 7 votes

Hello all! I am in need of CPA  to help us do our taxes for 2024. We are closing on triplex this week and would need help with Tax strategies going forward. We are house hacking and know that there are advantages and disadvantages of this strategy and we would certainly need some advice to help us keep in track with our goals. Thanks for your future recommendation. (More info, we have properties in NJ and Ohio as well, it would help if this CPA can help us out with those too )

Thank you,

Frances

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  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    2y

    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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  • Nate MeekerBusiness Member
    Real Estate CPA | California · Member since 2020 · 544 posts · 251 votes
    2y

    @Frances Cue - The location of your CPA isn't as crucial as their experience with real estate. Many CPAs on this forum have clients and properties across the U.S.

    The CPA Realtor 570 Reviews
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