Starting my journey with a CPA
4 Replies
Dan Tran
Rental Property Investor from Houston, TX
posted about 1 year ago
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?
Larry Alexander
from Fort Collins, CO
replied about 1 year ago
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!
Basit Siddiqi
Accountant from New York, NY
replied about 1 year ago
@Dan Tran
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?
Dan Tran
Rental Property Investor from Houston, TX
replied about 1 year ago
@Basit Siddiqi @Flash Alexander Thank you for the talk point!!
Natalie Kolodij
(Moderator) -
Accountant from Charlotte, NC
replied about 1 year ago
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