Starting my journey with a CPA

4 Replies

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!

@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?

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