All Forum Posts by: Bill Hampton

@Megan Herrington

Bigger Pockets is a great place to find a real estate tax accountant. 

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.

I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.

You may want to consider working with your accountant remotely to expand your options.

I would also recommend looking for a accountant willing to work with you throughout the year. You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.

Good luck.

@Tar-U-Way Bright

You can use the LLC to set up business bank accounts and business credit cards. This will allow you separate business income and expenses from personal income and expenses.

Since you plan to house hack your bookkeeping and tax return preparation will be more complicated because a percentage of your home expenses will be personal deductions and some will be business deductions. I recommend that you engage with a real estate accountant to ensure you set everything up properly. 

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.

I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.

I would also recommend looking for a accountant willing to work with you throughout the year. You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.

Good luck.

@William Stephen Uren

Welcome to Bigger Pockets. Bigger Pockets is a great place for education and networking. 

Good luck investing. 

 @Tom Gorrell

If they are providing tax planning and/or bookkeeping with the tax prep, then the price is reasonable. 

You may want to speak with other real estate accountants if you're not happy with your current one.

Good luck.

 @Angelo Llamas

I recommend that you find a real estate accountant to help you understand and prepare your taxes.

Bigger Pockets is a great place to find a real estate tax accountant. 

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.

I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.

You may want to consider working with your accountant remotely to expand your options.

I would also recommend looking for a accountant willing to work with you throughout the year. You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.

Good luck.

@Tinia James

If you receive a 1099 showing income from one of your deals, you have to file a Schedule C to report that income. The IRS will receive a copy of your 1099. If you don't report the income, it could lead to an audit. 

If you didn't receive any income but you had legitimate business expenses, you should still file a Schedule C to deduct those expenses. 

I recommend finding a real estate and business accountant to help you with filing your taxes.

Bigger Pockets is a great place to find a real estate tax accountant. 

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.

I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.

You may want to consider working with your accountant remotely to expand your options.

I would also recommend looking for a accountant willing to work with you throughout the year. You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.

Good luck.

@Josh Horst

As mentioned on another post, the IRS is rejecting all DIY cost segregations. Don't do it. Pay for an engineer prepared cost seg. It's a tax deduction and it will stand up to an audit. 

Bigger Pockets is a great place to find a real estate tax accountant. 

A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.

I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.

You may want to consider working with your accountant remotely to expand your options.

I would also recommend looking for a accountant willing to work with you throughout the year. You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.

Good luck.

@Jacqueline Henderson

Welcome to Bigger Pockets. Bigger Pockets is a great place for education and networking. 

I am in the Atlanta area. Let me know if I can be of assistance.

Good luck investing. 

@Muhammad Kashif

Make the property a rental for one year before selling it. Then you can do a 1031 exchange or sell it at a lower tax rate. 

Good luck. 

@Sanjay Singh

Welcome to Bigger Pockets. Bigger Pockets is a great place for education and networking. 

I don't recommend investing out of state for your first property. Find something in state or the next state over that is in driving distance. 

Out of state investing involves too many moving parts. Finding an agent, finding contractors, overseeing repairs, finding a property manager, finding tenants, etc.

Doing this in person is difficult your first time. Doing all this remotely is even harder. 

Good luck investing.