Seeking Seasoned Real Estate CPA

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Seeking Seasoned Real Estate CPA

Michael Moreno
New to Real Estate · San Antonio, TX · Member since 2024 · 46 posts · 20 votes

Hi everyone,

As I meticulously track my rental property expenses, I've come to realize the complexity involved in managing taxes independently. To ensure accuracy and compliance, I've decided to seek the expertise of a seasoned real estate CPA. Ideally, I'm looking for someone who shares my passion for the industry and possesses firsthand experience as a property owner.

My property, a 3-bedroom, 2-bathroom dwelling, serves as both my residence and a source of supplementary income through room rentals. I've already completed the meticulous tasks of prorating, square footage calculations, and expense tracking.

If you're a real estate CPA with a penchant for the field and a desire to forge a meaningful professional relationship, I'm eager to connect with you. Let's discuss how we can collaborate effectively. Thank you.

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Michael PlaksPro Member
Tax Accountant / Enrolled Agent · Houston, TX · Member since 2014 · 5k+ posts · 6k+ votes
2y

@Michael Moreno

On another thread that you started https://www.biggerpockets.com/forums/51/topics/1182951-seeki... I tried to tell you that house-hacking rooms will NOT create any loss on your tax return. Seems like my message did not register. No savvy/seasoned/magical CPA can change this rule for you.

Also, your request for CPAs to contact you essentially invites us to break the BiggerPockets rules. We are NOT allowed to contact you - publicly or privately - even after you post such a request. You must identify people you want to work with yourself and start the conversation from your end. 

Yes, some CPAs will contact you via PM regardless of the BP rules. Well, it's up to them to honor the rules. And up to you to choose to work with someone who ignores the rules.

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  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    2y
    Quote from @Michael Moreno:

    This is a pretty common scenario that I would think any CPA could handle.

    @Natalie Kolodij or @Yonah Weiss?

    The DIY Landlord Book4.7243 Reviews
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    0Reply
  • 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
    Basit Siddiqi CPA4.880 Reviews
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  • Michael PlaksPro Member
    Tax Accountant / Enrolled Agent · Houston, TX · Member since 2014 · 5k+ posts · 6k+ votes
    2y

    @Michael Moreno

    On another thread that you started https://www.biggerpockets.com/forums/51/topics/1182951-seeki... I tried to tell you that house-hacking rooms will NOT create any loss on your tax return. Seems like my message did not register. No savvy/seasoned/magical CPA can change this rule for you.

    Also, your request for CPAs to contact you essentially invites us to break the BiggerPockets rules. We are NOT allowed to contact you - publicly or privately - even after you post such a request. You must identify people you want to work with yourself and start the conversation from your end. 

    Yes, some CPAs will contact you via PM regardless of the BP rules. Well, it's up to them to honor the rules. And up to you to choose to work with someone who ignores the rules.

    2Reply
  • Michael Moreno
    OP
    New to Real Estate · San Antonio, TX · Member since 2024 · 46 posts · 20 votes
    2y
    Quote from @Nathan Gesner:
    Quote from @Michael Moreno:

    This is a pretty common scenario that I would think any CPA could handle.

    @Natalie Kolodij or @Yonah Weiss?


    Hi Nathan,

    Thanks for the contacts, I will reach out to them. I have all the prorating and expense tracking ready so that I can make the CPA’s job easier. I heard they charge more for messy preparation. 
     

    0Reply
  • Michael Moreno
    OP
    New to Real Estate · San Antonio, TX · Member since 2024 · 46 posts · 20 votes
    2y
    Quote from @Basit Siddiqi:

    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.

    Yes I have read about all the cons about house hacking. I am well aware about all the depreciation recapture, deductions on business use, etc. I am just looking to reach out to a CPA that can do my returns every year. I am afraid I might make a mistake on filing my return with prorating. 
    0Reply
  • Michael Moreno
    OP
    New to Real Estate · San Antonio, TX · Member since 2024 · 46 posts · 20 votes
    2y
    Quote from @Michael Plaks:

    @Michael Moreno

    On another thread that you started https://www.biggerpockets.com/forums/51/topics/1182951-seeki... I tried to tell you that house-hacking rooms will NOT create any loss on your tax return. Seems like my message did not register. No savvy/seasoned/magical CPA can change this rule for you.

    Also, your request for CPAs to contact you essentially invites us to break the BiggerPockets rules. We are NOT allowed to contact you - publicly or privately - even after you post such a request. You must identify people you want to work with yourself and start the conversation from your end. 

    Yes, some CPAs will contact you via PM regardless of the BP rules. Well, it's up to them to honor the rules. And up to you to choose to work with someone who ignores the rules.

    Hi Michael,

    I read your reply a while back about not having a loss in my return. I totally understood that just for the record.

    Thanks for letting me know that CPA’s can’t reach out to me per BiggerPockets rules. I just haven’t had any luck locally with anyone so figured I’d reach out here. I’d rather have a CPA do my return since I am afraid I will screw up on prorating my expenses and get audited by the IRS.
    1Reply
  • Michael PlaksPro Member
    Tax Accountant / Enrolled Agent · Houston, TX · Member since 2014 · 5k+ posts · 6k+ votes
    2y
    Quote from @Michael Moreno:
    I just haven’t had any luck locally with anyone so figured I’d reach out here. I’d rather have a CPA do my return since I am afraid I will screw up on prorating my expenses and get audited by the IRS. 
    There're some popular REI CPAs in San Antonio. Ask in the San Antonio BP forum or in a local meetup.

    But I don't think being local matters these days. Even our local Houston clients stopped traveling to our office post-Covid. Most real estate accountants work 100% remotely.
    1Reply
  • Account Closed
    Accountant · San Diego, CA · Member since 2019 · 1k+ posts · 552 votes
    2y

    If I could chime in to help in the search:

    be sure to find an accountant who is willing to grow with you, and is not too high priced fee-wise. Not too low either, you don't want to go with someone who is just focused on price as this is a quality of a not-so-great accountant. Accountants are in such demand, that the best are not even accepting clients half the time.

    The other problem I see often with accountants on here is that they specialize in larger investors, and have really high prices when you as a smaller investor do not need all the bells and whistles.

    Another thing I see is folks thinking they need to have a tax professional in their state. We as a firm have investors working with us who have rental properties all over the US big and small.

    Finding a real estate-focused tax professional and one who can help with advisory and grow with you would be my suggestion to focus your efforts on finding. Best of luck in your search!

    0Reply
  • Fulton Abraham Sanchez
    Accountant · CPA Miami, FL · Member since 2022 · 192 posts · 43 votes
    2y

    @Michael Moreno, hi. You've come to the right place. There are over 20+ active CPAs here in Biggerpockets assisting real estate investors with their tax planning. Make sure to reach out to one by e-mail as we are no allow to self promote. 

    Best

    0Reply
  • Andrew Abeyta
    Accountant · Member since 2024 · 26 posts · 5 votes
    2y

    Hi Michael; any CPA should be able to help with this level of real estate. If you’re planning to delve into more complex transactions (i.e. syndicating deals with other investors, dealing with 1031 exchanges and basis issues, etc…) you’d likely want a CPA who specializes in Partnership Tax.

    Would love to connect my friend!

    0Reply
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