CPA recommendations for someone with properties all over?

6 Replies

Hello!

Enlisted USAF guy here. I'm stationed in Northern VA, but my home state is in TX. I've got 2 rentals in Fort Walton Beach, working on 3 SFR in Houston, TX, and also paying a mortgage in Chantilly, VA.

Does anyone have a CPA recommendation that can help?  Should I look for someone in TX since I'm from there or does it matter?  I've been working with someone in Houston, but I don't think they understand someone who wants to invest in real estate.  I could be paranoid, but I'm just not comfortable with my choice.  

Any advice good/bad would be great.  Thank you!

This post has been removed.

Originally posted by @Nam Nguyen :

Hello!

Enlisted USAF guy here. I'm stationed in Northern VA, but my home state is in TX. I've got 2 rentals in Fort Walton Beach, working on 3 SFR in Houston, TX, and also paying a mortgage in Chantilly, VA.

Does anyone have a CPA recommendation that can help?  Should I look for someone in TX since I'm from there or does it matter?  I've been working with someone in Houston, but I don't think they understand someone who wants to invest in real estate.  I could be paranoid, but I'm just not comfortable with my choice.  

Any advice good/bad would be great.  Thank you!

Hey Nam. I use, and recommend, @Vlad K. for all things taxes. My understanding is that he focuses in multi state taxation so if you have stuff all over the place, he's the guy for you. And yes, he's going to be saving me a boatload of $$ this year through the plans we laid out last year. I can't wait! 

Originally posted by @Filipe Pereira :
Originally posted by @Nam Nguyen:

Hello!

Enlisted USAF guy here. I'm stationed in Northern VA, but my home state is in TX. I've got 2 rentals in Fort Walton Beach, working on 3 SFR in Houston, TX, and also paying a mortgage in Chantilly, VA.

Does anyone have a CPA recommendation that can help?  Should I look for someone in TX since I'm from there or does it matter?  I've been working with someone in Houston, but I don't think they understand someone who wants to invest in real estate.  I could be paranoid, but I'm just not comfortable with my choice.  

Any advice good/bad would be great.  Thank you!

Hey Nam. I use, and recommend, @Vlad K. for all things taxes. My understanding is that he focuses in multi state taxation so if you have stuff all over the place, he's the guy for you. And yes, he's going to be saving me a boatload of $$ this year through the plans we laid out last year. I can't wait! 

 Thank you very much, my friend! 

Originally posted by @Nam Nguyen :

Hello!

Enlisted USAF guy here. I'm stationed in Northern VA, but my home state is in TX. I've got 2 rentals in Fort Walton Beach, working on 3 SFR in Houston, TX, and also paying a mortgage in Chantilly, VA.

Does anyone have a CPA recommendation that can help?  Should I look for someone in TX since I'm from there or does it matter?  I've been working with someone in Houston, but I don't think they understand someone who wants to invest in real estate.  I could be paranoid, but I'm just not comfortable with my choice.  

Any advice good/bad would be great.  Thank you!

Hi Nam, first of all, thank you for your service! As you are increasing your portfolio, it definately makes sense to hire a real estate savvy CPA. They will be able to help you plan, as well as save you money with specific nuances, a CPA specializeing in real estate will be aware of. Since you are stationed away from TX, it probably makes sense to find a CPA that works virtually, with clients all over.

With that being said, there are a lot of great CPAs here on BP, many who work virtually. @Michael Plaks is based out of Houston. I can also highly recommend @Daniel Hyman CPA, and his firm My Online Accountant, LLC

@Nam Nguyen

You definitely want a CPA who understands real estate and has clients who own real estate.

Is the property in Chantilly VA your home or an investment property?


your tax profile doesn't appear to be so bad - Depending on the above answer - you may only be required to file a Federal tax return and possibly 1 state tax return in VA. The other states(FL and TX) that you invest in do not have a state income tax.
As long as you do not own the properties in an LLC - you shouldn't have any other state filing requirements. Texas does have an LLC Gross receipts tax.

Make sure to document any time you travel to your properties to visit and inspect them. Those travel expenses can be deductible!

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