Whose your Kick Ass Accountant in Louisville?

Question

Title pretty much sums it up. I recently purchased a 12 unit MFR in Louisville Kentucky and want to start working with an accountant familiar with the tax code in relation to real estate investing sooner than later. Who do you recommend?

Rob Bergeron · Answer

Ron Ferraro. He specializes in working with real estate investors. He is a on the expensive side.

Jay Ingram · Answer

I use John Ackerman. He’s young but works with several other investors I know.

Account Closed · Answer

Rick Fields, CPA. He and his wife Sandy own the firm Associate in Accounting in Louisville.

Basit Siddiqi · Answer

@Sajan JivaThere are many ways to find a savvy CPA

1. Biggerpockets search function - Use the search function to see if a BP colleague requested a CPA in your area. This method allows you to reach out to the BP colleague and ask who they interviewed with, who they decided to go with and if they like working with their CPA. Below are posts from BP colleagues who requested a CPA in your area.https://www.biggerpockets.com/forums/51/topics/164...https://www.biggerpockets.com/forums/51/topics/502...https://www.biggerpockets.com/forums/51/topics/143...https://www.biggerpockets.com/forums/51/topics/270...

You may want to send a message to the thread starter of the above links.

“Hi _____,

I noticed that you recently requested to connect with a CPA in _______. I am currently in the market for a CPA and I would like to inquire who you ended up choosing. Thank you for connecting and let me know if there is anyway that I can help.Thanks,______

2. Keyword Alerts - Add the keyword alerts "Louisville" and/or "Kentucky". You will notice that there are certain members frequently respond to posts that have these keywords. Send a message to these members and see who they use as a CPA. Connecting with members who have a pro membership have a higher tendency so be more serious and provide you a good recommendation.

3. Real Estate Networking Events - These events contain investors with similar tax profiles as you. Network and see who they are using for a CPA. You can find local networking events through the BP events section or meetup.com

4. Reach out to CPA who works with clients remotely - You may want to reach out to a CPA that works with clients remotely. Working with a remote CPA who has experience in real estate is better than working with a local CPA who does not serve real estate investors. Technology advancements such as email, phone calls, skype has enabled communication with a remote CPA to be seamless. There are many CPA's on this site that work with clients remotely.

In the meantime - feel free to ask any tax related question. I would be more than happy to help give my opinion.

Good luck in your search!

Basit Siddiqi · Answer

@Sajan JivaCPA license is a state designation.From a tax perspective - a CPA who lives in NY is not breaking any laws or codes for filing a tax return or providing tax strategies to those who live outside of New York.from an audit perspective - A CPA may be limited in signing assurance/audit related documents to the state that he practices in.You should be eligible to write off the items you mentioned. You just have to make sure that if you write it off 100% that it is used for business 100%

Sajan Jiva · Answer

@Rob Bergeron @Jay Ingram Thanks for your recommendations I'll add them to my list of potential CPAs.

@Basit Siddiqi Thanks for the wealth of knowledge! I'm going to start implementing them immediately. Haven't networked on this site as much as I need to.

Questions:

On the remote CPA topic, does the CPA need to have some sort of license in the state I am in for me to be able to use them?

I'm currently listening to the newest episode of the BP Podcast, 269, and they talked about being able to depreciate 100% of any furniture or fixtures for an Airbnb if the purchase was after September. Can I do this if the Airbnb I list is also my primary residence, we were thinking of buying pull out couches to add to the number of beds in the house? My fiance and I live in it most of the time but try to rent it out on weekends we are out of town.

Whose your Kick Ass Accountant in Louisville?

Most Popular Reply