Denver House Hack Tax Professionals and Insurance Agent wanted

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Denver House Hack Tax Professionals and Insurance Agent wanted

Ben Einspahr
House Hacking Specialist · Denver, CO · Member since 2016 · 411 posts · 396 votes

Hello BiggerPockets Team,

Throughout the years I have been house hacking and networking with like minded investors, the 2 areas I have noticed newer house hackers not necessarily struggle with, but definitely overlook, is knowing what is and is not tax deductible when it come to accurately tracking rental expenses and also understanding the in’s and out’s of insurance. What you are and are not covered for and what you need to be covered for- specifically insurance for short term rentals. 

Reaching out in an effort to network with some local tax professionals and also local insurance agents that are house hack/STR friendly.

Thank you in advance for the help.

Keep on crushing it!!!

Ben

3Reply
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Chad RockeBusiness Member
Real Estate Agent · Denver, CO · Member since 2021 · 383 posts · 181 votes
5y

@Ben Einspahr

Hey Ben, I have a cpa that I am using for this.

Reach out with any other questions, more than happy to help.

Geoffrey N Geever, CPA

Managing Partner

GCK Accounting, LLC

1776 S. Jackson Street #212

Denver, CO 80210

Phone: (303) 222-1616

[email protected]715-550-1731
Rocke Real Estate Inc.547 Reviews
WebsiteView Page
4Reply
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  • Kristine HodgesPro Member
    Rental Property Investor · Broomfield CO and Estes Park, CO · Member since 2017 · 52 posts · 45 votes
    5y

    I’m a local independent insurance agent and I also own short term rentals.  How can I help?

    2Reply
  • Ben Einspahr
    OP
    House Hacking Specialist · Denver, CO · Member since 2016 · 411 posts · 396 votes
    5y

    Hi @Kristine Hodges, thank you for reaching out! I will connect with you directly through messenger

    Talk soon!

    0Reply
  • Chad RockeBusiness Member
    Real Estate Agent · Denver, CO · Member since 2021 · 383 posts · 181 votes
    5y

    @Ben Einspahr

    Hey Ben, I have a cpa that I am using for this.

    Reach out with any other questions, more than happy to help.

    Geoffrey N Geever, CPA

    Managing Partner

    GCK Accounting, LLC

    1776 S. Jackson Street #212

    Denver, CO 80210

    Phone: (303) 222-1616

    [email protected]715-550-1731
    Rocke Real Estate Inc.547 Reviews
    WebsiteView Page
    4Reply
  • Ben Einspahr
    OP
    House Hacking Specialist · Denver, CO · Member since 2016 · 411 posts · 396 votes
    5y

    @Chad Rocke thank you so much for the recommendation. I will reach out to him. 

    0Reply
  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    5y

    @Ben Einspahr

    House hacking makes your tax situation more complex.
    You purchased a property that is treated as both an investment property and a personal residence. As such, payments that you make need to be prorated between business deductions and personal deductions.

    Payments that you make normally fall into one of 3 buckets
    100% of the payment can be factored in somewhere on the return
    Partial payment can be factored somewhere on the return
    0% of the payment can be factored in somewhere on the return

    House-hacking also has considerable tax implications in the event that you want to sell this property.

    You can potentially defer a portion or all of the gain on the investment property with 1031 exclusion.
    You can potentially exclude a portion or all of the gain on the personal residence with section 121 exclusion

    [email protected]917-280-8544
    Basit Siddiqi CPA4.979 Reviews
    View Page
    0Reply
  • Peter Jakel
    Property Manager · Littleton, CO · Member since 2021 · 21 posts · 14 votes
    5y

    I know a great insurance broker who can help with any property related insurance needs. Let me know if you'd like his contact information.

    0Reply
  • Ben Einspahr
    OP
    House Hacking Specialist · Denver, CO · Member since 2016 · 411 posts · 396 votes
    4y

    Just circling back to this post. Anyone have any recommendations for Local Denver Metro tax professionals familiar with rental investing principles?

    2Reply
  • Catie Lawrence
    Flipper/Rehabber · Arvada, CO · Member since 2019 · 63 posts · 47 votes
    4y

    Hey @Ben Einspahr - I've found this to be the most challenging, frustrating part of real estate investing as well! Have been running our real estate investment biz since 2015 - and have had 3 CPA's - this last one is pretty good and really understands what we're doing. We have rentals, do flips, have construction projects for clients, and STR our primary when we travel. We are set up as an LLC, so all pass through my husband and I's personal expenses - so he doesn't take a salary....

    Ok, I'm rambling - but we use Singular CPA - https://singularcpa.com/ - he's understood our business (cap gains, depreciation, etc) and has quarterly meetings with us to make sure things are running correctly - and we can reach out to him about our strategy before we purchase properties. Feel free to reach out with any follow up questions - and good luck! 

    0Reply
  • Ben Einspahr
    OP
    House Hacking Specialist · Denver, CO · Member since 2016 · 411 posts · 396 votes
    4y

    @Catie Lawrence, Thank you so much for your recommendation. I agree, finding a top notch CPA on your REI team is challenging. I will be sure and connect with them.

    1Reply
  • Blaine MartinezPro Member
    Rental Property Investor · Littleton, CO · Member since 2019 · 17 posts · 6 votes
    4y

    I'm in a similar situation. Need to find a tax professional in the south Denver area 

    1Reply
  • Brandon Itkin
    Member since 2020 · 9 posts · 1 vote
    4y

    Subscribed to this thread, was about to post the same question

    0Reply
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