House Hacking with Small Multi-Family

[Colby Zeller]

Hello bigger pockets community, I plan on buying my first property after I graduate college at the end of 2023. I have a-lot of questions still but for now i'll narrow it down. I have been worried about how taxes will work once I own a property, Filing for taxes now just for my w-2 job is hard enough, so I can only imagine the difficulties I will have when it comes to a property as well. I know I can hire a Cpa or book keeper to help me out, but I don't know if that will be the right decision until tax season rolls around. Any advice would be greatly appreciated thanks !

[Simon W.]

Quote from @Colby Zeller:

Hello bigger pockets community, I plan on buying my first property after I graduate college at the end of 2023. I have a-lot of questions still but for now i'll narrow it down. I have been worried about how taxes will work once I own a property, Filing for taxes now just for my w-2 job is hard enough, so I can only imagine the difficulties I will have when it comes to a property as well. I know I can hire a Cpa or book keeper to help me out, but I don't know if that will be the right decision until tax season rolls around. Any advice would be greatly appreciated thanks !

I don't think you would need a CPA or a bookkeeper, but that also depends how much time do you want to put in the work. 

You will need to ask do you want to focus on your career and delegate the tedious work such as accounting so you can also look for deals?