Starting my REI journey as a Buy and Hold and I wanted to reach out to a CPA to plan some tax strategy. I was wondering if I should ask any certain questions?
I started a list. It's brief so go easy on me.
1.) LLC and Taxes
2.) Personal Taxes
3.) Sale of investment property tax implications and how to shelter
4.) Review last years tax returns
Following 'fo schizzle!
You may want to start off my telling the CPA your operations and brainstorm to see if you are entitled to other deductions.
You may want to talk about long-term strategy. Do you plan to ever exit out of real estate, what is the most efficient way to exit?
@Basit Siddiqi @Flash Alexander Thank you for the talk point!!
Ask if they invest
Ask if they work with all industries or specialize in REI
Ask them if they think your buy and hold rentals qualify for the 199a deduciton
Ask them if they do planning and strategy through the year or if it's really just tax preparation