Military Investing

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Alex Petrov
  • Investor
  • Washington, DC
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Is the CPA location matter?

Alex Petrov
  • Investor
  • Washington, DC
Posted Nov 20 2022, 19:47

Should you hire a local CPA to your investment location/physical location or it doesn't matter?

Thank you!

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Will Fraser
  • Real Estate Broker
  • Salt Lake City, UT
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Will Fraser
  • Real Estate Broker
  • Salt Lake City, UT
Replied Nov 21 2022, 06:55

That's a great question, @Alex Petrov!  It seems like the biggest emphasis for a real estate investor tax-wise comes down to the federal tax level (which would mean that a CPA wise in the federal tax laws would be apt, regardless of location) yet applying the tax data skillfully to state laws is a secondary and still important factor.  

For my money I'd look to find the best CPA/tax advisor possible and hope that they either know my state's rules OR have a network of skilled providers who they collaborate with who does. 

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Basit Siddiqi
  • Accountant
  • New York, NY
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Basit Siddiqi
  • Accountant
  • New York, NY
Replied Nov 24 2022, 16:08

Your best best is to find a CPA who specializes in real estate that is also familiar with the state laws where you are a resident of.

People think that there are only a select few amount of CPA's that specialize in real estate taxation.
Real estate investing and the taxation revolving them is as old as time.

You may be able to find a local CPA that specializes in real estate taxation at a REIA meeting.
You can also a CPA by networking with other investors within your state and asking who they use.

Best of luck!

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Eliott Elias#2 All Forums Contributor
  • Investor
  • Austin, TX
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Eliott Elias#2 All Forums Contributor
  • Investor
  • Austin, TX
Replied Nov 24 2022, 19:52

They don't have to be in your local physical location, but they do have to understand your local area. I don't personally meet with my CPA, phone calls are a lot easier. 

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Fulton Abraham Sanchez
  • Accountant
  • CPA Miami, FL
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Fulton Abraham Sanchez
  • Accountant
  • CPA Miami, FL
Replied Nov 25 2022, 08:15

@Alex Petrov, hi. Most CPAs these days work with clients remotely, focus more on whether they are real estate friendly and are familiar with federal as well as state taxation laws. Please reach out to one you feel is a better fit. Good luck!

CPA Florida (#ACC44844)