Looking for CPA with Note Investing experience

[Brian Byrd]

I have been purchasing notes for the last 15 years. Learned from a bank, then went on to create a whole division in $2b sized bank, back when had $150mm. I started doing it on my own about 4 years and have acquired a large portfolio of loans. When I first started, I didn't know much about the tax side so I just accepted my CPA claiming I was in the "Mortgage Lending Business" and have paid SE Tax for 4 years. Well, through hours of research, I realized that the way I conducted my note investing, it all aligned with being passive rather than active/dealer. My CPA is a solid, smart individual. But has no experience in real estate note investing. He has begrudgingly agreed to amend my last two years tax returns to claim my income on schedule e rather than schedule c, thereby bypassing the SE tax. I am having to walk him through tax code and I'm exhausted. Does anyone know a good CPA WITH note investing experience? No one in Fort Worth seems to have any experience and everyone is playing it very conservatively. Please, I need help! Haha

Thanks,

Brian Byrd

[Lauren Sanford]

Quote from @Brian Byrd:

I have been purchasing notes for the last 15 years. Learned from a bank, then went on to create a whole division in $2b sized bank, back when had $150mm. I started doing it on my own about 4 years and have acquired a large portfolio of loans. When I first started, I didn't know much about the tax side so I just accepted my CPA claiming I was in the "Mortgage Lending Business" and have paid SE Tax for 4 years. Well, through hours of research, I realized that the way I conducted my note investing, it all aligned with being passive rather than active/dealer. My CPA is a solid, smart individual. But has no experience in real estate note investing. He has begrudgingly agreed to amend my last two years tax returns to claim my income on schedule e rather than schedule c, thereby bypassing the SE tax. I am having to walk him through tax code and I'm exhausted. Does anyone know a good CPA WITH note investing experience? No one in Fort Worth seems to have any experience and everyone is playing it very conservatively. Please, I need help! Haha

Thanks,

Brian Byrd

Brian, have you spoken with John Hyre?  We will be speaking with him on an upcoming podcast soon but he would recommend using schedule B instead. 

 JKP