I just bought my first rental property in Philadelphia this year and am currently shopping around for a CPA. I'm looking for help with the tax prep and for someone to provide any type of a strategic plan for the coming year. I plan to purchase at least one other rental in 2021.
I could probably make do with TurboTax this year, but I think it'd be best to start a relationship early.
Are you open to working with your accountant remotely? I recommend finding an accountant who specializes in real estate taxation over one that is local. You may want to consider working with your accountant remotely to expand your options.
I would also recommend looking for a tax strategist who is willing to work with you throughout the year, not just when preparing your tax return. You want an accountant that can help you strategize and who is responsive when you want to know the tax consequences of the decisions you are making throughout the year.
Good luck and let me know if you have any questions.
If your rentals are located inside the City of Philadelphia, then I suggest you stick with local people who understand the way rentals are taxed by Philadelphia.
I personally invest in the state of PA and as a result understand the PA state tax laws very well.
Investing in Philadelphia is unique as Philadelphia is one of the few cities that require a tax return filing if you invest within the city limits.
As a result, you will need to file a Federal return, Pennsylvania return and a Philadelphia return.
Good luck in your search for a CPA.