Newbie in Austin TX. Need CPA who's knowledgeable with rentals
Hello I'm new in Austin, I purchased a duplex which I am living in 40% of and renting 60% of (though I'm currently between tenants).
If anyone would care to share contacts I could use a property manager and a CPA who's knowledgeable of rental loopholes/tactics.
Right after I purchased the property I had to spend approx $20K on some rehabs, I'm hoping I locate a CPE who can write off 100% of this despite my occupation of 40% of the property.
@Dan Morris You can only write off expenses relating to the rental portion of the property. Repairs pertaining to the personal portion are added to your basis.
That said, it's important to know the difference between deducting repair expenses and capitalizing improvements on the rental portion. The tax implications between the two different greatly.
If you're open to working remotely with a real-estate-savvy CPA, there are a few of us here on BP. Shop around a bit and see if you find a good fit.
Thanks, that is what I thought but the guy who did some concrete at the property told me I should be able to get around that.