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All Forum Posts by: Aaron Zimmerman

Aaron Zimmerman has started 12 posts and replied 560 times.

Post: Bookkeeper v. Accountant

Aaron Zimmerman
Posted
  • Accountant
  • Chicago, IL
  • Posts 572
  • Votes 281

Bookkeepers can perform reconciliations and make your books look presentable. 

Accountants is a pretty broad title. But what you’re likely wanting is a real estate cpa that can handle your tax return and advice. 

Post: Tracking Software For Material Participation (Taxes)

Aaron Zimmerman
Posted
  • Accountant
  • Chicago, IL
  • Posts 572
  • Votes 281

I would second the simple spreadsheet. No need to over complicate it . If you want to take pictures of some of the work you did, you could save that in a Google drive as well. 

Post: The §1245 Silver Lining: Turning Tax "Pain" into Strategic Gain

Aaron Zimmerman
Posted
  • Accountant
  • Chicago, IL
  • Posts 572
  • Votes 281

Great post. Thank you for sharing! 

Post: Need tax advise for my 2 STR recently cost seged

Aaron Zimmerman
Posted
  • Accountant
  • Chicago, IL
  • Posts 572
  • Votes 281

Yes - you’ll want to talk to a real estate CPA. It’s crucial that your STRs get reported correctly and that documentation is solid in the event of an event.

Ideally you would have met with a cpa before doing a cost seg so you know that you’d be able to use the accelerated depreciation. 

Post: Chicago Investors: What’s Your Mindset When Sourcing Off-Market Deals?

Aaron Zimmerman
Posted
  • Accountant
  • Chicago, IL
  • Posts 572
  • Votes 281

It's not a bad idea just depends how much effort and $ you want to put in. I've bought all my rental properties on the MLS.

Post: Looking for a CPA that understands very well Real Estate

Aaron Zimmerman
Posted
  • Accountant
  • Chicago, IL
  • Posts 572
  • Votes 281

I’d recommend reaching out to a few different accountants to see who you connect well with. BP has a good list of people that can service your situation. I’d recommend not limiting your search just to Atlanta. 

Post: Chicago Lease New Flooding Disclosure Questions

Aaron Zimmerman
Posted
  • Accountant
  • Chicago, IL
  • Posts 572
  • Votes 281

Following 

Post: Chicago New Construction costs-small Multi Family

Aaron Zimmerman
Posted
  • Accountant
  • Chicago, IL
  • Posts 572
  • Votes 281

@Jonathan Klemm would have great insights on this. He’s a general contractor in Chicago that does large rehabs and buildings. 

Post: Reading the balance sheet of your LLC investment. Guide to Limited Members

Aaron Zimmerman
Posted
  • Accountant
  • Chicago, IL
  • Posts 572
  • Votes 281

@Bruce D. Kowal - great tips especially in this real estate market for commercial assets. Very important LPs hold the GPs responsible. 

Post: Is it worth tax planning before acquiring rentals?

Aaron Zimmerman
Posted
  • Accountant
  • Chicago, IL
  • Posts 572
  • Votes 281

I would generally say no if you don't have a property unless you're looking for peace of mind knowing that you've set your financial life properly.