All Forum Posts by: Jack Gray

Thank you everyone, I really appreciate the thoughtful comments.  I'm going to look into replacing the drain overflow and drain gaskets and putty, and then if that doesn't do the trick, bite the bullet and replace the whole tub.  

A bathtub in an upstairs bathroom has begun leaking through the downstairs ceiling.  This is in a single family house I renovated in 2016 and turned into a rental.  The bathtub was installed new at that time, and we had about $10,000 of custom tile work done around the tub.  I've had 2 separate plumbers out to look at it, and they cut a hole in the downstairs ceiling to access the underside of the tub.  According to both of them, the plumbing connections to the tub are in good shape but the tub itself is rusting internally around the drain area.  From above, the tub looks fine.  From underneath, you can see water stains and rust forming around the drain area.  Removing and replacing the tub would be a nightmare because it would require redoing the tilework.  Is there any possible way to patch or seal this tub, so that it wouldn't have to be replaced?  

https://arnesen.cpa/

I recommend my accountant, Arnesen CPA services. They aren’t in DC but that doesn’t matter. Ask about tax strategies they’ve employed for past clients who are in a similar situation as you. 

Hi Ryan, I use and recommend Arnesen CPA Services. They’re very good at the tax strategizing part of the game.

Hi Raul, 

I use Arnesen CPA services and have had a great experience. 
http://arnesen.cpa/

Hi Jay,

The CPA I use for my rental properties is accepting new clients and I highly recommend him.  

https://arnesen.cpa/

Whoever you go with, I recommend asking if they own rentals themselves and what sort of tax-advantaged strategies they recommend for real estate investors.  Real estate is a niche field and some CPA's may not be familiar with all the options available.  Most importantly, you want someone with both expertise, and the time and bandwidth to understand your personal situation and help you strategize.  

Hi Sarah,

I've been very happy with my CPA, and he's got plenty of experience with multifamily properties and real estate tax strategies.  Private message me if you want contact info.  

So I've been doing my own taxes in Turbotax for 20 years now (I only own 2 rental properties but both were BRRRs), and I finally got stuck on something and went to a CPA 2 years ago, and he reviewed my past 5 years of returns and pointed out that I had made multiple mistakes (incorrectly categorizing repairs vs capex, calculating basis and therefore depreciation wrong, failing to realize that certain expenses for a home converted to a rental property start being deductible the day the property was placed in service vs actually occupied, the list goes on).  We ended up refiling several of those returns and saving thousands.  

On the one hand, doing my taxes myself helped me to understand the rules and processes better...on the other hand, you don't know what you don't know, and sometimes those mistakes can cost you a lot of money (in my case, more than hiring a CPA).  It's also worth mentioning that it's better to consult the CPA BEFORE you make a major decision (buying, selling, converting to rental, etc), since that's when you still have the opportunity to strategize and structure the transaction in the most tax-advantageous way. 

Hello Gabor, 

I would definitely recommend my accountant, Arnesen CPA Services.

https://arnesen.cpa/