All Forum Posts by: Fulton Abraham Sanchez

Hi Sweta, having a business bank account for rental income is a good choice and choosing a software to order the accounting. 
You've come to the right place, there are over 20 enlisted CPAs here in Biggerpockets working with real estate investors across different states. Feel free to reach out to one and set up a consultation call.

Hi Tomoko, you've come to the right place. There are over 20 active CPAs here in Biggerpockets assisting RE investors with their tax planning. Make sure to reach out to one with real estate experience. Please contact them as we are not allow to self promote.

Hi Donald, you've come to the right place. There are over 20 active CPAs here in Biggerpockets assisting RE investors with their tax planning. Make sure to reach out to one with real estate experience. Please email them as we are not allow to self promote.

Hi Wilson, you've come to the right place. There are over 20 active CPAs here in Biggerpockets assisting RE investors with their tax planning. Make sure to reach out to one with real estate experience. Please email them as we are not allow to self promote.

Hi Angelo, you've come to the right place. There are over 20 active CPAs here in Biggerpockets assisting RE investors with their tax planning. Make sure to reach out to one with real estate experience.

Quote from @Sarah Rindone:

Hey Everyone,

I'm currently looking for a CPA in San Diego who specializes in working with real estate investors. Specifically, I need someone knowledgeable about cost segregation and the short-term rental (STR) loophole.

If you have any recommendations or know someone who fits this description, I would greatly appreciate your insight!

Thank you!

Hi Sarah, You've come to the perfect place. We are over 20 experienced CPAs active in these forums, many of whom specialize in assisting real estate investors like yourself. We offer comprehensive tax planning and strategies, providing valuable insights that go beyond STR loophole and cost segregation It is important to reach out to one with real estate experience as location is not an issue these days.

Quote from @William Johnny:

I’m looking to start out investing in real estate very shortly. If anyone is in Delaware County, Pa or Philadelphia, I’d love to network with investors, contractors, agents, and more. I’m curious to know when it would be best to look into an accountant and attorney? For context  just got out of college and looking to build wealth as a young entrepreneur but don’t have much wealth… at least yet lol. When is the best time to start incorporating these professionals during the journey? 

Hi William, you've come to the right place. There are over 20 active CPAs here in Biggerpockets assisting RE investors with their tax planning. Make sure to reach out to one with real estate experience. Please contact them as we are not allow to self promote.

To write off travel expenses incurred while looking for a property to invest in:

Business License: Not needed.

Deductible Expenses:

Travel Costs: Yes, such as gas or airfare.

Lodging: Yes.

Meals: 50% deductible.

Education Travel for Real Estate: Yes, 100% deductible.

Important: All these expenses are deductible if you report rental income. You've come to the right place, there are over 20 enlisted CPAs here in Biggerpockets working with real estate investors across different states. Feel free to reach out to one

Quote from @Larry Fullard:

Hello! I'm looking for a reference for a competent CPA who is familiar with Cost Seg studys and how they can be implemented to offset business and personal W2 income. Me and my wife have 4 small "STR" Airbnbs and personally make a little over 300k, we've been told its possible to depreciate a significant portion of the value of assets in the first or couple of years. As such this could carry over to our personal income and lessen our tax burden. Is anyone familiar if this is still the case, and if so are there any references for a CPA or firm that can help accomplish this. We are not a big company only a few rentals so a CPA that doesn't mind working with the little guy is preferred.

Hi Larry. It's great to hear about your interest in leveraging Cost Segregation studies to optimize your tax strategy for your Airbnb properties.

Indeed, Cost Segregation can be a powerful tool to accelerate depreciation on certain assets, which can help offset both business and personal W2 income. By reclassifying components of your properties into shorter depreciation lives, you can increase your tax deductions significantly in the initial years of ownership. You've come to the right place. There are over 20 active CPAs here in Biggerpockets assisting RE investors with their tax planning. Make sure to reach out to one with real estate experience.

Quote from @Sureen Hari:

Hi,

Checking if anyone has any recommendations on how to go about setting up llc and how it impacts personal loans for the same. Looking any recommendations for companies that help setup llc For properties in Dallas area.

Thanks!

Hi Suri, you've come to the right place. There are over 20 active CPAs here in Biggerpockets assisting RE investors with their tax planning. Make sure to reach out to one with real estate experience. Please contact them as we are not allow to self promote.