Should I work with a CPA for short term and long term rentals?

Question

Should I work with a CPA for short term and long term rentals? I am currently managing both myself and feel I am missing out on tax advantages or throwing money away. Does a good CPA help someone with single family rentals. What are a few things that a good CPA should be able to do?

Daniel Hyman · Answer

A CPA can be a tremendous asset. A good one can help with the following:

* Helping to organize a bookkeeping system to ensure no obvious deductions are falling through the cracks

* Providing guidance on entity selection

* Developing a tax strategy that is custom made

* Filing compliant tax returns

* Etc, etc, etc

•

John Duston · Answer

I work with lots of people for single family rentals. It's pretty rare that I get a return from someone who did it right on their own.

A good person to work with should be able to understand what your goals are, your situation, and make an action plan from that.

Morgan Klein · Answer

Since one of the greatest benefits of owning rentals is the tax advantages, I would suggest hiring a professional to do your taxes, unless you are well-versed on the tax advantages and are a good bookkeeper. My CPA does my personal taxes and also on the LLC my rentals are in. Most of my rentals are single family homes. Writing off mortgage interest, depreciation, repairs, and other expenses (related to your rentals) are just a few of the basic things they should do.

Should I work with a CPA for short term and long term rentals?

Should I work with a CPA for short term and long term rentals?

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