Real Estate Tax Planning and Business Expenses

3 Replies

Hello fellow real estate investors, 

I am a new kid starting off in Real estate. I am currently living in California and need to learn more about real estate taxes, does anyone have a CPA (specialize in real estate) who they can refer to in Northern California? 

Also, looking into building a process to track business expenses for real estate (travel, conference, gas, etcs). I heard of Quickbook was a solution, but wondering if anyone can share their experience. Many thanks in advance. 

Nam,

I recommend finding an accountant that specializes in real estate taxation over one that is local. You may want to consider working with your accountant remotely to expand your options.

I would also recommend looking for a tax strategist who is willing to work with you throughout the year, not just when preparing your tax return. You want an accountant that can help you strategize and who is responsive when you want to know the tax consequences of the decisions you are making throughout the year.

Check out stessa dot com. It's free rental income and expense tracking software. It's also easier to learn and use than Quickbooks. 

Good luck and let me know if I can be of assistance.

@Nam Nguyen Most Tax professionals are heads down minting money right now, will be hard to find one this time of the year. After years in real estate, I have yet to find one that I am happy with. I am seriously considering being one myself so have started attending some of the free webinars (if you search you will find those) and there are some really good books on amazon for tax strategies for real estate investors. That will be a good starting point even if you were looking for CPAs that specialize in real estate because you will need that knowledge to vet them. HTH

Hi Nam, I am a local silicon valley realtor and investor. Anderson Advisors: https://andersonadvisors.com ; KKOS attorneys and CPA: https://kkoslawyers.com ; Keystone CPA: https://www.keystonecpa.com Those are 3 that specialize in RE. I would reach out to them and see which one is the best fit for you. I currently use KKOS. I'm sure there's plenty more but just to get you started.