Tax Consulting and STR advice

Jersey City, New JerseyWantProfessionalsAccountant/CPA
Classifieds
7moFollow

Tax Consulting and STR advice

Sam Mishra
Member since 2024 · 9 posts · 3 votes

I’m looking for a tax professional to help with W-2 planning and tax-efficient investing. I currently have an owner-occupied multi-family property and am looking to expand into short-term rentals (STRs). Do you have experience with this specific mix of income and real estate strategy?

1Reply
133 views

Most Popular Reply

John UnderwoodPro Member
Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
7mo

The best tax planning is to plan on not paying any tax.

I have 2 self directed ROTH IRA'S that I buy rental houses in so I will never have to pay tax on this income.

1Reply
See this reply in the discussion

7 Replies

Jump to latestLatest
  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    7mo

    The best tax planning is to plan on not paying any tax.

    I have 2 self directed ROTH IRA'S that I buy rental houses in so I will never have to pay tax on this income.

    1Reply
    • Sam Mishra
      OP
      Member since 2024 · 9 posts · 3 votes
      7mo
      Quote from @John Underwood:

      The best tax planning is to plan on not paying any tax.

      I have 2 self directed ROTH IRA'S that I buy rental houses in so I will never have to pay tax on this income.


       Amazing. Did you get any help from CPAs?

      0Reply
    • John UnderwoodPro Member
      Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
      7mo
      Quote from @Sam Mishra:
      Quote from @John Underwood:

      The best tax planning is to plan on not paying any tax.

      I have 2 self directed ROTH IRA'S that I buy rental houses in so I will never have to pay tax on this income.


       Amazing. Did you get any help from CPAs?


       Yes, but not on setting up my SDIRA's.

      0Reply
  • Christopher Tile
    Accountant · Long Island, NY · Member since 2021 · 184 posts · 146 votes
    7mo
    Quote from @Sam Mishra:

    I’m looking for a tax professional to help with W-2 planning and tax-efficient investing. I currently have an owner-occupied multi-family property and am looking to expand into short-term rentals (STRs). Do you have experience with this specific mix of income and real estate strategy?


     Hi Sam - there are plenty of highly qualified real estate CPAs here on BP that provide tax advisory/consulting on all thing's real estate (including STRs and the "loophole"). Tax-efficient investing/meaningful tax reduction requires proactive planning throughout the year. My best advice would be to create a relationship with a CPA that you feel comfortable working with as you build you real estate portfolio. 

    If you have an interest in STRs, feel free to review this forum post where you can review some commonly asked questions and ask anything you'd like clarity on!

    0Reply
    • Sam Mishra
      OP
      Member since 2024 · 9 posts · 3 votes
      7mo
      Quote from @Christopher Tile:
      Quote from @Sam Mishra:

      I’m looking for a tax professional to help with W-2 planning and tax-efficient investing. I currently have an owner-occupied multi-family property and am looking to expand into short-term rentals (STRs). Do you have experience with this specific mix of income and real estate strategy?


       Hi Sam - there are plenty of highly qualified real estate CPAs here on BP that provide tax advisory/consulting on all thing's real estate (including STRs and the "loophole"). Tax-efficient investing/meaningful tax reduction requires proactive planning throughout the year. My best advice would be to create a relationship with a CPA that you feel comfortable working with as you build you real estate portfolio. 

      If you have an interest in STRs, feel free to review this forum post where you can review some commonly asked questions and ask anything you'd like clarity on!


       Thanks for the advice. I'm actively looking for a good CPA. 

      0Reply
  • Michael PlaksPro Member
    Tax Accountant / Enrolled Agent · Houston, TX · Member since 2014 · 5k+ posts · 6k+ votes
    7mo
    Quote from @Sam Mishra:

    I’m looking for a tax professional to help with W-2 planning and tax-efficient investing. I currently have an owner-occupied multi-family property and am looking to expand into short-term rentals (STRs). Do you have experience with this specific mix of income and real estate strategy?


    There are a lot of us tax professionals here, easy to find by browsing this forum. Read these posts - one about STRs and the other about finding a CPA - and feel free to reach out if you have questions.
    https://www.biggerpockets.com/forums/51/topics/1122635-the-s...
    https://www.biggerpockets.com/forums/51/topics/1222774-expla...

    1Reply
  • Aaron ZimmermanBusiness Member
    Accountant · Chicago, IL · Member since 2018 · 2k+ posts · 1k+ votes
    7mo

    I'd recommend reaching out to those that are active on the forums as well as asking local investors. 

    STRs are very technical and if you're house hacking/have other STR units, it's going to get even more complicated, so you're definitely wise to seek professional help.

    Best of luck in your search!

    [email protected]
    Brick House CPAs53 Reviews
    WebsiteView Page
    0Reply
Join the conversationCreate a free account to reply, vote on answers and follow this thread.
Log InJoin for Free