I am having a hard time finding a good CPA that knows how to maximize the tax advantages of a short term rental business. I am located in the northern Virginia/DC area. Are there any recommendations out there? If not, what are some good 'test' questions that we can ask during a consult to see if the accountant knows this business or not?
Rental Property Investor · Charlottesville, VA · Member since 2014 · 44 posts · 12 votes
3y
I recommend my accountant, Arnesen CPA services. They aren’t in DC but that doesn’t matter. Ask about tax strategies they’ve employed for past clients who are in a similar situation as you.
Specialist · West Palm Beach, FL · Member since 2008 · 4k+ posts · 1k+ votes
3y
@Adam Graziano I would say a lot of it is based on their training or their resources that they utilize to complete your taxes. Here are some questions that I would typically ask a CPA:
- Are you experienced in working with my industry? Do you know the ins and outs of it? How long have you been working in the industry? - Do you work with any specialty tax firms to help us small business owners get access to R&D tax credits, cost segregation and other specialty tax credits? - Do you meet with us routinely to be proactive and do planning? - What real estate tax saving strategies have you utilized with other clients?
I've found that CPAs that focus on a niche area such as real estate rather than offering general services to everyone are typically much more knowledgeable about real estate tax incentives. I'd be more than happy to provide you with a couple recommendations if you need?