CPA / EA tax advice for new investor
Hi! Hoping you all might have some advice for a first time RE investor. I own one rental, but my main income is from a W2, and I'm not quite sure what type of tax professional I should be reaching out to ahead of tax season.
Like everyone, I want to maximize the aggregate tax return, but some of the quotes I've pulled for tax preparation have been multiple thousands of dollars and seemed to be more geared towards those with a larger portfolio and RE as their main income. Do you all have any recommendations on how I should approach taxes? I'm feeling like I'm a bit in the deepend without floaties on figuring out whether my specific situation is better suited for a RE-focused CPA/EA, a regular tax preparer, or if its a job for turbotax/HR block. Appreciate any advice!
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#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
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#1 Personal Finance Contributor
- Rental Property Investor
- East Wenatchee, WA
@Gabe Ryan. # of long-term rental units didn't matter to me and was still easy. I had over 3 dozen. It was just additional pages of Sch E or form 8825. No problem.
I would probably seek a pro if I had mid or short term rentals or was flipping or had a retail style business.