Good Tax planner / CPA in Wilmington, NC

2 Replies

Anyone know of a good tax planner or CPA that I can best figure out my plan going forward. Our AGI is very important as it not only affects our tax hit, it also determines our student loan payments. I have a business where I own the space with a different LLC. I also have a house that will be turning into a rental property as well as a primary household that has a detached 1 bedroom next to it that is included and turning into an AirBNB after current tenant leaves. I also would like to figure out how to best use a Simple, SEP, or 401K IRA to maximize our savings. Need to figure out at plan as my current accountant for my regular business seems not too specific on the rental property world.

Thanks for the recommendations!

- Chris

I have a business where I own the space with a different LLC.

You may want to see if you can group the activities. If the different LLC is generating income you may be able to potentially net the income from the business with the depreciation of the real estate.
Your business = potentially generating income
real estate = normally show a tax loss.

If you are able to combine the two - you would benefit if the losses on the real estate would be suspended if not grouped.

Is the house that you are turning into a rental your personal residence?
You may want to analyze whether or not you want to sell if on the open market(or to an S-corp that you create) to get the section 121 exclusion(exclude 250,000 or 500,000 if married filing jointly)

Basit Siddiqi, CPA
917-280-8544

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