All Forum Posts by: Aaron Zimmerman

Paul appreciate the shout out. I will say that if you’re looking to find a good CPA for 2022, id consider extending your return. Then, I’d reach out to a CPA after April 15. If you’re looking for 2023, its also best to reach out after April 15th to get the time you want

Paul and John - thanks for the shoutout.

For your unit, you would not be able to take any depreciation immediately. These will be capitalized and added to your basis for your unit when you move out. 

For the other unit, it depends. Do you have receipts? If you do, is the cost of the window broken out per window? If that's the case, the de minimis safe harbor of expensing anything under $2,500 per invoice or per item may apply. 

Thank you Sarita and John!

Generally if you’re over $150k in income and not REP status, it’s going to be hard to save money year 1. I do think there’s value in getting a good CPA to get the basis right and your tax return filed properly (and the associated peace of mind with it). As for tax planning, I’d save your money until your REPs or willing to explore STRs

Earlier the better. Generally I prefer to have my new clients locked in by October/November and I’m sure other CPAs on here are similar

@Rayjunior Nunez - definitely good to build a relationship with a CPA. My recommendation to you is to hold off on getting a CPA for a little bit as the fees may not be justified for your situation. I would instead recommend going to meetups and networking with CPAs as well as reading tax content. Several tax professionals have written articles/blogs as well as have podcasts. Once you buy a property, I'd recommend touching base immediately after closing your property.

Thanks for the mention. My recommendation while you're in this stage is to educate yourself as much about the tax code as possible. I would also talk with accountants at meetups as well. If your return is pretty basic (i.e. no real estate), I'd recommend DIY and then once you buy the property you can easily transfer to a CPA in the first year of your real estate. 

Thanks for the tag @John Warren. Feel free to reach out. I’m happy to help in whatever way I can.

I would echo what everyone else said on here. Depending on your situation, it might be very advantageous to hire a "more expensive" CPA. It just depends on if you're a real estate professional, are in the short term rental space, or make below a certain income.

There are a lot of CPAs on here that solely/mostly focus on RE. I'd use that as a starting point.