Starting Out
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated about 2 years ago,
Do I need a CPA for a single unit?
I just purchased my first rental property, a single family house in Virginia.
I understand that getting an accountant can help me save money on taxes, but in my current situation am I really going to save much? I'm thinking about just using turbo tax for this year's tax return, and holding off on paying an accountant until I do major renovations or own more properties.
The property was turnkey, and I'm not planning on doing any repairs until next year. I currently own 2 properties. I own my home in NYC, and I own a rental in Virginia; both have a mortgage. So given my circumstances, how much can an accountant save me?