All Forum Posts by: Account Closed

Hey @John Gonzalez, 

As accountants on BP, we are not allowed to self-promote. To help you in your search: be sure to find an accountant that is willing to grow with you, and is not too high priced fee wise. Not to low either, you don't want to go with someone who is just focused on price as this is a quality of a not so great accountant. Accountants are in such demand, that the best are not even accepting clients half the time.

The other problem I see often with accountants on here is that they specialize in larger investors, and have really high prices when you as a smaller investor do not need all the bells and whistles.

Another thing I see is folks thinking they need to have a tax professional in their state. We as a firm have investors working with us who have rental properties all over the US big and small. We are familiar with the strategies you have shown on your video as well :) 

Finding a real estate-focused tax professional and one who can help with advisory and grow with you would be my suggestion to focus your efforts on finding. Best of luck in your search!

Hey @Cameron Green, 

To help you in your search: be sure to find an accountant that is willing to grow with you, and is not too high priced fee wise. Not to low either, you don't want to go with someone who is just focused on price as this is a quality of a not so great accountant. Accountants are in such demand, that the best are not even accepting clients half the time.

The other problem I see often with accountants on here is that they specialize in larger investors, and have really high prices when you as a smaller investor do not need all the bells and whistles.

Another thing I see is folks thinking they need to have a tax professional in their state. We as a firm have investors working with us who have rental properties all over the US big and small.

Finding a real estate-focused tax professional and one who can help with advisory and grow with you would be my suggestion to focus your efforts on finding. Best of luck in your search!

Welcome to the forum @Olena Perez! Our firm is out of Manassas VA if you know the area. Beautiful trees!

Hey @Jeffrey Stocker,

As accountants on BP, we are not allowed to self-promote. To help you in your search: be sure to find an accountant that is willing to grow with you, and is not too high priced fee wise. Not to low either, you don't want to go with someone who is just focused on price as this is a quality of a not so great accountant. Accountants are in such demand, that the best are not even accepting clients half the time.

The other problem I see often with accountants on here is that they specialize in larger investors, and have really high prices when you as a smaller investor do not need all the bells and whistles.

Another thing I see is folks thinking they need to have a tax professional in their state. We as a firm have investors working with us who have rental properties all over the US big and small.

Finding a real estate-focused tax professional and one who can help with advisory and grow with you would be my suggestion to focus your efforts on finding. Best of luck in your search!

Hey Dustin, 

I would highly recommend you get in touch with a real estate accountant. While Schedule E is indeed where you report losses on rental real estate, your tax situation is at the level where a professional doing it would greatly benefit you. That being said, please note you can attach your own schedule to it (for each property for example) and do not need to list everything out on that one document.

Hey @Bagus A., 

As accountants on BP, we are not allowed to self-promote. To help you in your search: be sure to find an accountant that is willing to grow with you, and is not too high priced fee wise. Not to low either, you don't want to go with someone who is just focused on price as this is a quality of a not so great accountant. Accountants are in such demand, that the best are not even accepting clients half the time.

The other problem I see often with accountants on here is that they specialize in larger investors, and have really high prices when you as a smaller investor do not need all the bells and whistles.

Another thing I see is folks thinking they need to have a tax professional in their state. We as a firm have investors working with us who have rental properties all over the US big and small.

Finding a real estate-focused tax professional and one who can help with advisory and grow with you would be my suggestion to focus your efforts on finding. Best of luck in your search!

These are two different material participation tests. Please keep in mind its over 100 hours managing it AND more then anyone else. If you have a property manager of any kind it can get dicey trying to prove you are the one doing most the work. 

For those long-term rentals, look into if it makes sense to qualify as a real estate professional. 

Hey @Savannah Walbert, 

congrats on the great income! Given you are in LA, your tax liability is likely the biggest expense you incur every year. I would strongly recommend looking into either short term rentals (since we can use the short-term rental loophole to reduce your tax liability) or multifamily out of state and find a way to qualify for REPS. Since you are 1099s I would suggest the short term rentals. 

Hey @Lilly Fang,

Congrats on getting deeper into real estate! 

As accountants on BP, we are not allowed to self-promote. To help you in your search: be sure to find an accountant that is willing to grow with you, and is not too high priced fee wise. Not to low either, you don't want to go with someone who is just focused on price as this is a quality of a not so great accountant. Accountants are in such demand, that the best are not even accepting clients half the time.

The other problem I see often with accountants on here is that they specialize in larger investors, and have really high prices when you as a smaller investor do not need all the bells and whistles.

Another thing I see is folks thinking they need to have a tax professional in their state. We as a firm have investors working with us who have rental properties all over the US big and small.

Finding a real estate-focused tax professional and one who can help with advisory and grow with you would be my suggestion to focus your efforts on finding. Best of luck in your search!

100 hour test is a no go if both of you want to use it. Since the test is 100 hours AND more then anyone else. Unless you tell your friend to work 100 hours and you work 101 ;) 

According to prior tax court cases, travel time does NOT count toward material participation time. Unless the property is local to you and you are driving to it and diligently logging your hours and why you are going and what you did, I would advise generally not putting it. 

I would need to know more but I can recommend going for the 500 each.