Investor · Sandy, UT · Member since 2015 · 70 posts · 47 votes
Can anyone recommend a good accountant?
To make a long story short: I landlord for 5 years without realizing depreciation was non-optional. I'd like to file an IRS 3115 this year to try to recapture at least some of that, if possible...
Don't be afraid to use a non-local CPA. Often times by going non-local, you will expose yourself to a wider pool of CPAs allowing yourself a better chance at finding an expert in the field that meets your needs and fits your style.
If you want to use a local CPA, check with your state CPA board and ask for a referral. You can also network with people local to you or meet people at an REIA meeting and directly ask for referrals that way.
Hope this helps! Form 3115 is a complicated form, so make sure you get someone who knows what they are doing.
Whoops -- by "recapture" I actually mean "get a check back from the IRS for the depreciation I should have claimed"... not sell my property and have to pay depreciation recapture!
Don't be afraid to use a non-local CPA. Often times by going non-local, you will expose yourself to a wider pool of CPAs allowing yourself a better chance at finding an expert in the field that meets your needs and fits your style.
If you want to use a local CPA, check with your state CPA board and ask for a referral. You can also network with people local to you or meet people at an REIA meeting and directly ask for referrals that way.
Hope this helps! Form 3115 is a complicated form, so make sure you get someone who knows what they are doing.
@Aaron Knoll - I would actually highly recommend talking to
@Brandon Hall if you can. He wrote a great blog post specifically about form 3115 and it's clear that he understands this topic completely, inside and out.
If you are still looking try Rob Spangler at Trader Roberts Spangler CPA he has been doing my taxes for years and understands everything as far as rentals....I live in Draper. CPA is in Bountiful
Thanks Joe Reardon! I ended up doing the math on the 3115 and decided that the gain wouldn't be worth the pain of filling out the form, for the one year when I could claim it. In the end, my taxes this year ended up being pretty straightforward.
I am also looking for a good CPA who actually is a real estate investor as well.
@Joe Reardon I will look up Rob Spangler. Does he actually invest his OWN money in real estate?
@Brandon Hall - At what point do you suggest getting involved with a CPA? We do not have any current rental properties but plan to buy 2-3 over the next year. Is it better to talk beforehand? After?
Also, we are going to be funding our first few with old 401k accounts. Do you have any experience in that...specifically we are trying to decide between cashing out and putting into a self-directed IRA...any experience in working clients through this minefield?
I did follow up on this post but I realized since I am new I did not properly tag your names. See below
I am new to the forum and in Farmington, UT.
I am also looking for a good CPA who actually is a real estate investor as well.
@Joe Reardon I will look up Rob Spangler. Does he actually invest his OWN money in real estate?
@Brandon Hall - At what point do you suggest getting involved with a CPA? We do not have any current rental properties but plan to buy 2-3 over the next year. Is it better to talk beforehand? After?
Also, we are going to be funding our first few with old 401k accounts. Do you have any experience in that...specifically we are trying to decide between cashing out and putting into a self-directed IRA...any experience in working clients through this minefield?
@Erin Featherstone you should consider onboarding a CPA when you are "buy ready." What I mean is that you don't necessarily need a CPA if you are simply tossing around the idea of buying rental property in your head. But once you take actionable and measurable steps toward investing, you'll want to establish a relationship with a CPA. Every property you add will further complicate your tax position.
And yes I have plenty of experience dealing with all sorts of retirement account strategies.