RE Tax and Portfolio in multiple states

Houston, Texas
Buying & Selling Real Estate
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RE Tax and Portfolio in multiple states

Tiffani T.
Investor · Renton, WA · Member since 2017 · 56 posts · 31 votes

Hello all BPs 

If you have real estate portfolio in different states, do you use a "real estate tax accountant" or an a specialized real estate attorney to assist with end-of-year tax filing?  I am looking for an accountant specialized in real estate in Seattle or Houston areas but although seems to experience a challenge in obtaining one as most accountants are general tax accountants.

Thanks in advanced

T

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Basit SiddiqiBusiness Member
Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
2y

Houston is located within Texas which does not have a state income tax
Seattle is located in Washington which also does not have a state income tax.

Therefore, you may be more free in your search for an accountant.

In general though, you may have to file a state tax return in a state that does have a state income tax.

[email protected]917-280-8544
Basit Siddiqi CPA4.979 Reviews
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  • Account Closed
    Accountant · San Diego, CA · Member since 2019 · 1k+ posts · 552 votes
    2y

    I would highly recommend working with a tax professional who also does accounting who is specialized in this area. I can't tell you how many people have "real estate CPAs" who come to us with old tax returns where there are mistakes all over the place! 

    Transparently I own an accounting firm that does just this, so I'm a bit biased! However I will say that picking the right accountant should save you a lot more then it costs you. 

    P.S: Happy new year! 

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  • Tiffani T.
    OP
    Investor · Renton, WA · Member since 2017 · 56 posts · 31 votes
    2y

    Hi Zachary,

    I find it has been challenging to find thus far.  Thank you for your suggestion.  I will consider. 

    Happy NYear.

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  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    2y

    Houston is located within Texas which does not have a state income tax
    Seattle is located in Washington which also does not have a state income tax.

    Therefore, you may be more free in your search for an accountant.

    In general though, you may have to file a state tax return in a state that does have a state income tax.

    [email protected]917-280-8544
    Basit Siddiqi CPA4.979 Reviews
    View Page
    1Reply
  • David M.
    Morris County, NJ · Member since 2020 · 5k+ posts · 2k+ votes
    2y

    @Tiffani T.

    I've found just using a large firm is sufficient.  Avoids the "issues" of finding a "real estate tax account."

    As mentioned, WA and TX don't have personal income tax.  So, if you are investing personally that simplifies that issue..

    Hope that helps.  Good luck.

    1Reply
  • Tiffani T.
    OP
    Investor · Renton, WA · Member since 2017 · 56 posts · 31 votes
    2y

    Thank you 

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  • Cameron TopePro Member
    Property Manager · Katy, TX · Member since 2015 · 1k+ posts · 1k+ votes
    2y

    Hey Tiffani, 

    I invest in Ohio and Houston, and found that that you don't need local CPAs or accountants as the real estate deductions are the same across the country. 

    I do use a company that reviews my books, does some tax planning and files my taxes as well. For me, it was simpler to find a company that does both the planning and the filing. 

    Best of luck!

    [email protected]832-770-7090
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