Looking for a CPA in Maine... (or is it necessary?)
So I know two CPAs who do a great job. My only concern is that living in rural Maine, they can't easily specialize in one area and keep their doors open. Because of this they do just about everything a CPA can do. Listening to great accountants on the podcasts (like @Amanda Han), I am wondering if I need to find an accountant who specializes in real estate.
Right now my situation is pretty basic. I have an LLC with one partner. We split everything 50/50. We formed the LLC (because we have some assets we want protected) earlier this year and have since bought 2 properties - 1 SFH and 1 triplex. There aren't any complex transactions. It seems to me any accountant could do this. We basically have been paying a few expenses (mortgage, taxes, oil, startup fees...) and collecting rent. No major renovations. No home offices or anything fancy. I'll claim depreciation of course. What else is there?
Should I just use someone local that I know I can rely on or should I start searching for a CPA who specializes in RE?
Most Popular Reply
Your situation may seem relatively simple now, but keep in mind that as you grow your portfolio, you'll want to link up with a CPA who specializes in real estate.
The tax code is very complex. Tax regulations and court cases are changing all the time. That's why it's important to have somebody that specializes in the industry and speaks your language. Somebody who can be a trusted advisor as you grow your portfolio.
I would say that it not a matter if if you need a specialist CPA, but when.
- Daniel Hyman
