Updated almost 8 years ago on . Most recent reply
Beginner Seeking Advice on Business and Tax Setup
Hi BP community, I am based in the Atlanta area. I am very excited to join this community and can't wait to get started on investing! I would like to invest in 1 - 2 rental properties this year and would love to hear some advice from some experienced investors and CPAs out there. My questions and concerns are as follows:
1. I want to minimize the taxes paid on my future rental income as I am in a high tax bracket (W-2 employee with greater than $120K annual income). Do you guys recommend I set up a business entity for my first property? How would financing work if I applied for a mortgage through the business entity and what kind of professional can help me with that (can a regular mortgage broker help)?
2. How many of you guys use a real estate CPA to help out with taxes? Is using a CPA worth it when you are just starting out with a few properties? If you use a CPA, do you use any additional services besides the regular annual tax filing service and why? What do the fees look like for these additional services?
Thanks in advance for the help!
Please PM me if you are interested in discussing with me privately instead of on this forum.