All Forum Posts by: Account Closed

Big if true! 

Hey @Matthew FitzPatrick, 

We as tax pro's are not allowed to promote ourselves directly due to BP's rules.

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 invest in rental properties all over the US for example big and small. If we sound like a fit, checkout our website in my bio and reach out on the contact form! 

Best of luck in your search!

Hey @Daniel H., 

We as tax pro's are not allowed to promote ourselves directly due to BP's rules.

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 invest in rental properties all over the US for example big and small.

Best of luck in your search!

 that is correct, but we are talking about a different code now and property tax in the grand scheme of things is a mich smaller write off. If your goal is to pay significantly less tax, you need to change strategies, or else face that big tax bill come tax season! 

Be wary that you cant take advantage of the most powerful tax strategy for short term rentals. Coined the name "Short term rental loophole" which can provide massive tax savings for you, unfortunately the federal tax code establishes stringent criteria, including guest stays limited to seven days on average and the provision of basic hotel-like services, to qualify for this advantageous tax treatment. 

Hey Cody, @Jake Baker would be a great option for the bookkeeper. Our firm does Tax prep and advisory for real estate investors if that's something you still need. Best of luck in your search!

Sounds like its time to hire a bookkeeper! Unless you intend on staying this size, as you grow its going to be really nice to get this off your plate. I know @Jake Baker is a great option if that's the route you decide to take 

Hello @Sateesh Kumar,

These syndication deductions are only against passive income. If you need to use them against your w2 active income, you need to be a real estate professional. Since qualifying as real estate professional is near impossible to qualify for with a w2, you would need your spouse to qualify for it. 

 even at one rental, its probably a good idea to connect with one. Better to hire someone then to pay for someone to amend possible mistakes or missed strategies later! 

 100% Agree with Jake. A real estate focused accountant and bookkeeper is a powerful team to have in your corner!