Looking for a CPA in Maine... (or is it necessary?)
So I know two CPAs who do a great job. My only concern is that living in rural Maine, they can't easily specialize in one area and keep their doors open. Because of this they do just about everything a CPA can do. Listening to great accountants on the podcasts (like @Amanda Han), I am wondering if I need to find an accountant who specializes in real estate.
Right now my situation is pretty basic. I have an LLC with one partner. We split everything 50/50. We formed the LLC (because we have some assets we want protected) earlier this year and have since bought 2 properties - 1 SFH and 1 triplex. There aren't any complex transactions. It seems to me any accountant could do this. We basically have been paying a few expenses (mortgage, taxes, oil, startup fees...) and collecting rent. No major renovations. No home offices or anything fancy. I'll claim depreciation of course. What else is there?
Should I just use someone local that I know I can rely on or should I start searching for a CPA who specializes in RE?
Your situation may seem relatively simple now, but keep in mind that as you grow your portfolio, you'll want to link up with a CPA who specializes in real estate.
The tax code is very complex. Tax regulations and court cases are changing all the time. That's why it's important to have somebody that specializes in the industry and speaks your language. Somebody who can be a trusted advisor as you grow your portfolio.
I would say that it not a matter if if you need a specialist CPA, but when.
@John West You need a real estate CPA. Biased opinion, but... the money you will pay your CPA you will receive back many times over when you file your taxes and, more importantly, when you get the strategic advice that will help you plan ahead and make wise financial decisions. A CPA who specializes in your industry can be a great partner.
There is plenty of good talent here on BP.
Best of luck!
-Ana
@John West ...am in a similar situation. Have just relocated to Maine from Singapore and looking for a good CPA / "Tax-Pro". Ping me if you find someone strong locally or find someone who is easy to work with out-of-state.
I've used Justin Freeman from BBSC. He owns a couple of rental units and knows his stuff. I like having someone that is walking the walk. The thing I like the best about him is he always gets back to me in an hour or two. He is in Brewer, but with technology the way it is, I don't think I go into the office more than twice a year.
Thanks @Tim McClary. I just contacted Justin via the email address on his website. We’ll see....
Hi John I'm sure someone already replied to your post. I am a CPA from Los Angeles and I am new on this forum. Based on what you described it doesn't sound like you need a CPA that specializes in real estate you just need a CPA that is knowledgeable, trustworthy and reliable and organized. Hope this helps
Mario Marcel, CPA
Celtax
I agree with Mario. I appreciate that taxation is complicated, particularly if you aren't an accountant. But a good accountant would be able to handle virtually any Real estate transaction. And a great accountant will either find the answer or refer you to someone else.
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