All Forum Posts by: John Duston

Not much needs to be done to make rentals tax efficant. They already are very tax-advantaged investments. 

Only with a wage. But it likely doesn't make sense. Talk to a CPA.

From my experience as a CPA, about half are local and half aren't. Even for those who are local, most communication is online. It's really about your personal preference. WA is an easy state for people to get remote CPAs as there isn't a state filing requiment.

The one I knew retired this year but I can check if she has a replacement. 

There will be likely be benefit with just one property. The question is wether it is worth it to you to get a CPA at that point to make sure the return is as correct as it can be.

You will most likely need an attorney in your state as they have state-specific licenses. Ask the fellow real estate agents in your brokerage who they use as an attorney. Then I'd ask a financial advisor for a recommendation.  The same goes for a CPA but they are not limited in which states they can practice in the same way attorneys are so you have leeway if you cant find a good one locally.

Are you looking for a one-stop shop CPA for bookkeeping/accounting/tax filing / and strategies? Often there are tax specialists who will do the tax filing and strategies and a bookkeeper will do the bookkeeping/accounting, even if they are in the same firm.

Deducting 20-25% of your purchase price is very reasonable over a number of years. To do it all in the current year, maybe more hassle than it's worth. Is there a big reason that you are looking to write off that amount in the current year?

While I would certainly recommend a CPA for a short-term rental, it's likely not necessary for stock market income as most EAs can completely handle that (and be cheaper). Stock market transactions are relatively easy as they are reported on a 1099.

@Joe Homs did a good job in reposing the question of whether you should have an LLC at all. A good lawyer can also help you make that determination. Happy to DM you my contact,