str cpa in Minneapolis

str cpa in Minneapolis

Member since 2026 · 2 posts · 1 vote

Hello all:

Looking for a CPA recommendation — Minnesota-based (Minneapolis area) or comfortable working virtually with MN clients.

Quick context on my situation:
- One short-term rental (Airbnb), managed by a property manager at a 20% fee
- W-2 employee on the side, so I need someone who understands how STR income/losses interact with W-2 income
- Currently deciding between continuing to hold the property long-term vs. a possible 1031 exchange into another income property down the road
- Want someone who actually understands STR-specific issues — material participation, Schedule C vs. Schedule E classification, cost segregation/bonus depreciation, and the average-stay rules — not just a generalist who files the return each December

A few things I'd love feedback on:
1. Any CPAs you'd personally recommend (bonus if they're MN-based or have MN client experience)?
2. What did you pay — both for a straightforward prep-only engagement and for a proactive tax planning/strategy engagement, if you've done one?
3. Was it worth it? Any red flags to watch for when vetting one?

Appreciate any leads — trying to get this locked in before this year's tax planning window closes rather than scrambling next April.

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Andrew SteffensBusiness Member
Tampa, FL · Member since 2022 · 3k+ posts · 3k+ votes
2mo

I 100% recommend Aiola CPA who specialize in working with Real Estate Investors and have a wealth of knowledge on the Accelerated Depreciation portion @Christopher Tile

See this reply in the discussion

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  • Aaron ZimmermanBusiness Member
    Accountant · Chicago, IL · Member since 2018 · 2k+ posts · 1k+ votes
    2mo
    One thing to be aware of is that it may be difficult to qualify for STR loophole with property manager
    • Accountant · Long Island, NY · Member since 2021 · 184 posts · 148 votes
      2mo
      Quote from @Aaron Zimmerman:
      One thing to be aware of is that it may be difficult to qualify for STR loophole with property manager

       @Aaron Zimmerman brings up a great point. There are ways you can work around it, but I'd always make sure you have that conversation with a CPA like @Aaron Zimmerman or myself before the strategy is underway. 

      On the MN state familiarity, all the CPAs on the tax forum are well equipped to file all state filings. I wouldn't worry too much about where the CPA is located, as most of the qualified professionals contributing on the tax forum are completely virtual firms.

      @Andrew Steffens Thanks for the reccomendation!

  • Brittany KuschelBusiness Member
    Real Estate Broker · Duluth, MN · Member since 2016 · 99 posts · 89 votes
    2mo

    Recently was connected with Ryan Carriere, CPA and STR tax strategist with Carriere Tax Consulting. In our first call, it was apparent he was bringing the expertise to this area that we've been searching for after years of feeling like our CPAs have all been reactive. I can't speak to $$$ saved yet, as we just started working with him and will be rolling out our first STR this year, but a few pitched inquiries regarding tax strategy timing on a separate MFH sale helped us gain tremendous confidence that he was the CPA we have been trying to locate for years. Off-setting husband's W2 was a major component for driving the high-amenitization of our STR and Ryan was game on. Every article I've read that he has published on the STR subjects support that this should be someone you check in with.

    Kuschel Realty Group LLC548 Reviews
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  • Andrew SteffensBusiness Member
    Tampa, FL · Member since 2022 · 3k+ posts · 3k+ votes
    2mo

    I 100% recommend Aiola CPA who specialize in working with Real Estate Investors and have a wealth of knowledge on the Accelerated Depreciation portion @Christopher Tile

  • Specialist · Grand Rapids, MI · Member since 2020 · 116 posts · 80 votes
    2mo

    I partner with a few CPAs, one that is in MN, and another who is virtual but not out of MN and specializes in RE.  Let me know if you want an intro to either of them.

  • Adam TafelBusiness Member
    Real Estate Agent · St. Paul, MN · Member since 2017 · 573 posts · 395 votes
    2mo

    I’ve been using Dan Selner for years, 11 year Airbnb host. DM me for a connection.

    Upside Property Sales 4.9108 Reviews
  • Jeff SchemmelBusiness Member
    Real Estate Agent · Saint Paul, MN · Member since 2014 · 384 posts · 401 votes
    2mo

    @Cory Vitale is your guy.

  • Cory VitaleBusiness Member
    Accountant · Member since 2021 · 23 posts · 7 votes
    2mo

    Thanks for the shoutout @Jeff Schemmel!

    Hoboken Financial Services
  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    2mo

    I agree with what has been posted already - Having a property manager who if you are spending 20% of gross income as a fee is likely doing a majority of the work.

    If you want to take advantage of treating it as active as opposed to active, you will likely need to spend more time than the property management company.

    Best of luck!

  • Member since 2026 · 2 posts · 1 vote
    2mo

    Thank you all for the comments and suggestion. I obviously did not know about the PM issue. One thing I want to get down is the price point for the services rendered by a CPA for my situation. Can you please let me know what is an average price that is not a gouge? Thank you. 

  • Ashish AcharyaBusiness Member
    CPA, CFP®, PFS · FL · Member since 2017 · 5k+ posts · 3k+ votes
    2mo

    Great questions to be asking before the planning window closes, AL, and the fact that you're already thinking about material participation and Schedule C vs E puts you ahead of most people looking for a CPA. Those distinctions matter a lot for an STR, since getting the classification wrong can mean missing out on using losses against your W-2 income, or worse, treating it incorrectly and running into issues down the road. Cost segregation and bonus depreciation are also worth exploring for a property like yours, especially if you materially participate, since that combination is often where the real tax savings come from on an STR.

    On the 1031 question, that's really a separate conversation from the STR classification piece, and the answer depends a lot on your goals for the property and what you'd be exchanging into, so I wouldn't lock into a decision there without running the numbers both ways first.

    BiggerPockets is actually a great place to find a CPA since most real estate focused ones work virtually these days regardless of state, so MN based isn't really a limiting factor as long as they genuinely understand STR tax strategy. Just make sure whoever you go with is asking you these same questions rather than just filing a return each spring.

    Happy to connect!

    INVESTOR FRIENDLY CPA®5241 Reviews
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  • CPA| New Clients Welcome| 50 States · Member since 2016 · 430 posts · 93 votes
    2mo

    hi, You are right to look for someone before year-end rather than just a return preparer. I’d ask prospective CPAs how they evaluate average guest stays, material participation when a property manager is involved, Schedule E versus Schedule C, personal-use limits, and whether a cost-segregation study will actually produce currently usable losses.

    Fees vary significantly, so compare scope, not just price. Confirm whether planning, documentation guidance, the federal return, and the Minnesota return are included.

    Red flags: guaranteed tax savings, automatically treating every STR as nonpassive, recommending cost segregation without reviewing basis and loss limitations, or being unable to explain their position clearly in writing.

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