Need Accountant Recommendations in Chicago

12 Replies | Chicago, Illinois

Hi Everyone!

Wondering if anyone has any good accountant recommendations that are either local to Chicago or maybe more national. I live in Chicago and am in the process of closing on a duplex in OH in the next week or so.

Any recommendation would be greatly appreciated!

-Andrew

@Andrew Dudun are you planning to build your portfolio out of state? With just one duplex, you may not need a ton of help yet and most decent accountants could help you with this. I can PM you the one I use as they work remotely. 

@John Warren I will be looking to buy more properties out of state in the future.  I may also be looking to buy a house hack next year in the city of Chicago actually so I would love to reach out to you about that when the time comes!

@Andrew Dudun

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