I am looking for a CPA in Eastern PA that specializes in working with Real Estate Investors and rental properties. The SFH's are owned with a partner under an LLC.
The LLC will be required to file a partnership return. The partnership return will detail the activities of your buy and hold rental business.
The partnership will then distribute a K-1 to you and your partner which will detail each partner's share of profits/losses. The Information on the K-1 will be reported on your individual income tax return.
PA is a very unique state when it comes to real estate investing.
PA does not recognize NOL's at the individual level.
PA also does not recognize 1031 exchanges(you can still defer taxes at the federal level).
Phoenixville appears to be very close to Philadelphia. You may want to search Philadelphia for a local CPA. However, if you are open to a remote/virtual CPA - there are many accountants on BP who you can interview.
Let me know if you have any specific tax questions.
@Dan M I can recommend my CPA, he is highly experienced in Real Estate Investments. I will direct message you.
Hey @Dan M.
I highly recommend my personal CPA who works out of a large firm in Horsham, PA. They focus on real estate, contractors, investors, etc. DM me if you are interested and I will make a personal connection.
Can you send me the name of your CPA in Horsham. I’m local and need a new CPA.
@Peter Dunne - Hi. Can you send me the info on the CPA in Horsham as well? Thank you!