It is different than just gathering your records at the end of the year and giving them to your CPA.

Rental property taxes really require a CPA, IMHO.

I would start by talking with an attorney about a Partnership Agreement or LLC Agreement and also talking with a CPA.

Hi Michelle, I'm not a lawyer or CPA but here are some of my thoughts.1.

If you do this. then your p&l should look clean.On another note, I don't think any investor should have to wait that long to get their important questions answered by their accountant. please look out for what to look for in your cpa here: http://thewealthbuildingcpa.com/index.php/home/167-how-to-put-together-your-wealth-building-team

See if you can get cheap consultations with a CPA and/or attorney if you decide you need it.

I keep all my records in Quicken as well.At the end of the year I send my CPA a Quicken report for each property as well as a pdf with all scanned receipts for each property.

Most lenders will want two years returns, but if you search around you may find one that's more flexible.I strongly recommend a CPA to help you maximize your deductions and to be sure you're filing correctly with your complex (partial rental/partial residence) situation.

Well worth the $2000.Btw, I pay both my CPA and attorney on a fixed-price annual basis as well, for this same reason.

That way, you don't have spread out the deduction, you get it all in the year you drove.I'm not a CPA