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Updated over 4 years ago on . Most recent reply

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Ariel German
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How to get the right CPA?

Ariel German
Posted

Listing my first house soon. I went into the investment with a hard money lender and some friends. I don't want to run into any tax gotchas so I'm looking to talk to a CPA to make sure everything is all good but not sure how to go about it. I want to work with someone who has some experience with investment properties not just regular taxes but thats hard to filter for. Thoughts?

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Account Closed
  • Contractor
  • Mickleton, NJ
112
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114
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Account Closed
  • Contractor
  • Mickleton, NJ
Replied

many of the spa's i work with have volumes of experience with non owner occupied real estate.  the tax code is pretty clear on what can be written off and an established and experienced cpa will have a good amount of experience with accounting for those types of transactions.  i would focus my search for a cpa based on experience and referrals.  tax code is intransigent and a good cpa will maximize their value by allocating the expenses (cash and non cash) and income appropriately.  they will ask for docs from closing, back-up in any expenses incurred associated with the real property and statements from your lender so have that prepared.   good luck with your search!

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