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All Forum Posts by: Sean O'Keefe

Sean O'Keefe has started 5 posts and replied 1209 times.

Classifieds

Post: How do I find a good CPA in AZ

Sean O'Keefe
Posted
  • CPA | Accepting new clients | 50 States
  • Posts 1,219
  • Votes 775
Quote from @Ignacio Bernardi:

Looking for a CPA in the Gilbert area. Starting out and need a teacher. Have one rental and just wanna start out on the right path. Thank you

Referral from your network is the best option.
1 Vote
Tax, SDIRAs & Cost Segregation

Post: Real Estate professional logbook example

Sean O'Keefe
Posted
  • CPA | Accepting new clients | 50 States
  • Posts 1,219
  • Votes 775
Quote from @Hery Hope:

I would appreciate a copy as well. Thank you.

Sure, will send!
1 Vote
Classifieds

Post: Looking for an accountant

Sean O'Keefe
Posted
  • CPA | Accepting new clients | 50 States
  • Posts 1,219
  • Votes 775

Following - I'm based in California

1 Vote
Philadelphia, Pennsylvania
Classifieds

Post: California vs Detroit: Out of State Investors are Clueless

Sean O'Keefe
Posted
  • CPA | Accepting new clients | 50 States
  • Posts 1,219
  • Votes 775

Following - I'm based in California

0 Votes
Detroit, Michigan
Off Topic

Post: Failed Leadership is why California is on fire.

Sean O'Keefe
Posted
  • CPA | Accepting new clients | 50 States
  • Posts 1,219
  • Votes 775

Following - I'm based in California

0 Votes
Market Trends & Data

Post: Why do people Buy Property in California

Sean O'Keefe
Posted
  • CPA | Accepting new clients | 50 States
  • Posts 1,219
  • Votes 775

Following - I'm based in California

0 Votes
Los Angeles County, California
Tax, SDIRAs & Cost Segregation

Post: What year do I count income for?

Sean O'Keefe
Posted
  • CPA | Accepting new clients | 50 States
  • Posts 1,219
  • Votes 775
Quote from @Andrew Katz:

My tenant paid a portion of their rent for December on 12/31/24 (late). I use apartments.com, so the money didn't end up in my account until 1/6/25.

Is this considered income for 2024 or 2025?

This depends on if you are using the Cash or Accrual method of accounting for tax purposes. For most taxpayers it will be Cash. 

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.

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*This post does not create a CPA-client relationship. The information contained in this post is not to be relied upon. Readers are advised to seek professional advice.

1 Vote
Chicago, Illinois
Tax, SDIRAs & Cost Segregation

Post: 500 hour rule - material participation

Sean O'Keefe
Posted
  • CPA | Accepting new clients | 50 States
  • Posts 1,219
  • Votes 775
Quote from @David Woodside:

Is anyone familiar with the rule listed in the title and is anyone that has a full-time job in another industry using this rule? The first two CPAs I reached out to advised against this. Looking for someone who is successfully doing this in the state of Maryland?

Thanks

500 hours in material participation (1 of 7 tests) is about 9 hours a week (500/52). 

If you work 40 - 50 hours a week in a full-time W-2 job I'm not sure how this would create a conflict with claiming that you meet the 500-hour material participation rule provided you are completing the hours that count toward material participation. 

However, if you have multiple rental properties it might be impossible to claim that you materially participate 500 hours in each property. As a result, the grouping election on material participation should be explored. 
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*This post does not create a CPA-client relationship. The information contained in this post is not to be relied upon. Readers are advised to seek professional advice.

0 Votes
Classifieds

Post: CPA Referral in NE New York

Sean O'Keefe
Posted
  • CPA | Accepting new clients | 50 States
  • Posts 1,219
  • Votes 775

Zahrah, appreciate it! Thank you.

0 Votes
Upstate New York, New York
Classifieds

Post: Real estate minded CPA

Sean O'Keefe
Posted
  • CPA | Accepting new clients | 50 States
  • Posts 1,219
  • Votes 775
Quote from @Josh Gentry:

I am currently looking for a new tax professional in Tyler, Texas I have a W-2 job and a few rental properties. Anyone know of any affordable and real estate minded CPAs in the area?

If you're open to remote my firm specializes in supporting Real Estate Investors with making more informed decisions on their real estate and filing. 
0 Votes
Tyler, Texas