Accountant in Hampton roads area?

Question

Little background, bought my first duplex December of 2017 and have done about 14k worth of improvements between each unit. This is my first house and I was looking to get some advice on how to move forward. For example if I should be setting up and LLC to take payments and what kind of deductions I would be entitled to. If anyone has any recommendations for solid accountants in the area it would be appreciated!

Sean Rooks · Answer

Also Larry Pendleton @ PC Financial Services and Paul Allen at PIM Tax are great and also invest in real estate.

Patti Robertson · Answer

Hi Dawn. I highly recommend Ted Colna at Zukerman  & Assoc.

Dawn Ivey · Answer

@Patti Robertson @Sean Rooks @Natalie Kolodij, Thank you all for the recommendations!

Natalie Kolodij · Answer

If you're looking for REI specialized I would recommend looking at the BP Tax forums here on the website- almost all tax firms work remotely with clients as well. I would recommend reaching out to @Jake Hottenrott as a starting point- he's a CPA, Investor, Long time BP member.

Dawn Ivey · Answer

@Ernest Grindle Hi Ernest, I am new to real estate investing and working with an agent to buy my first rental. I know its been awhile, but how are things going with your accountant? I am looking for an accountant. I live in Chesapeake, VA. Thank you!

Basit Siddiqi · Answer

@Stephen NadrausCongrats on the purchase of a duplex!Were the $14,000 of improvements made to get the units ready for rent?Will you be living in one of the units?If you plan to live in one of the units - this is "househacking" and 1/2 your property would be considered personal residence and 1/2 the property would be considered an investment property.It the $14,000 of improvements were made to get the units ready for rent and they are both investment properties - they would get added to the basis and depreciated once the units are ready for rent.Putting your properties may provide some liability protection. It is best to speak with an attorney to see what those protections are.

Ernest Grindle · Answer

Hello @Stephen Nadraus and congratulations on your first duplex! Deciding whether to put your property into an LLC at this point in your investing portfolio is a personal decision and best figured out with a qualified CPA (tax implications) and attorney (liability implications). But to help you start forming an opinion, check out some of the great blogs posted on BP about this subject: https://www.biggerpockets.com/search/wordpress?ter...

I personally put mine into an LLC. I have an accountant and she seems great, but I haven't actually done my taxes with her yet so I'm not ready to recommend her. I'm sure other folks will provide their recommendations, and I'm also curious what they say.

Tiffany Ward · Answer

@Sean Rooks I second Larry Pendleton

Accountant in Hampton roads area?

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