All Forum Posts by: Scott Davidson

https://www.biggerpockets.com/renewsblog/2015/03/08/investors-guide-find-hire-perfect-cpa/

Hey Chris,

I have several friends in the area. I'll reach out and see if they know of anyone. 

https://www.irs.gov/businesses/small-businesses-se...

Check out the rules on de minimis safe harbor election. Taxpayers can now expense items less than $2,500. 

http://money.usnews.com/money/blogs/the-smarter-mu...

http://www.wgcpas.com/tax-alerts-2015-articles/405...

The first article has guidelines for figuring the gain. As it mentions, the calculation provided does not include the impact of passive loss carryovers and depreciation recapture.

The second article discusses depreciation recapture.

Great post by @Jim Kennedy and links by @Stephen Sawrie!

Genevieve, to you point about #1, this is huge! Increasing your deductions through knowing what is a repair vs. what must be capitalized and familiarity with partial disposition elections can create opportunities to take losses against other ordinary income.

Here's some links on both:

https://www.irs.gov/businesses/small-businesses-se...

https://www.thebalance.com/partial-dispositions-31...

If you plan to prepare your own return, be familiar with the tangible property regs and the implications of turning your primary residence into a rental. Here's some light reading (who doesn't love reading about taxes) on the topic:

https://www.irs.gov/businesses/small-businesses-se...

http://www.thetaxadviser.com/issues/2008/jul/conve...

You can prepare your return yourself with one property if you feel comfortable doing so. It would probably be a good idea to seek professional advice as you scale up. Let me know if you have any specific questions on the tax front.

@Russell Brazil - Thanks for the info. I will definitely be there and hope to meet you. Listening to your podcast is on my to do list.

@Brett Snodgrass - Thank you!

Hi All,

I am an accountant from Bethesda, MD and I am looking to get involved in real estate investing in the DMV and/or Baltimore area. I am interested in owner-occupied SFH and MFH deals and buy and hold investing. Even in the short time I have spent on BP, I can tell this is an amazing, invaluable community. I look forward to contributing and learning alongside you all.

A good accountant adds value regardless of their fee structure. If your accountant is not answering your questions or providing planning opportunities, they aren't doing their job. If you feel uncomfortable with a monthly fee structure, you can look for an accountant that bills hourly or by the form (Schedule A, E, etc.). 

I agree with @Dave Holland that a house hack creates tax complexities and a good CPA now will save you from headaches down the road.

Brandon's article is a good read. There are aspects of the tax code affecting real estate that any tax professional with real estate experience will know well. The value added from a knowledgeable tax professional will usually far outweigh the costs. Of course I am a bit biased.