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Updated about 4 years ago,
Do I need a CPA yet?
Next week, I am closing on my first property. I will be house hacking, living in one unit and renting out the other two. The structure will need some initial work, between some repairs and some improvements, which will likely happen after the tenants move in. I understand that this will have tax implications.
I also want to be careful about tracking the property and my personal accounts separately. Finally, given that a portion of my income is from work overseas, I'm a bit edgy how all these numbers are reported at tax time.
On the one hand, given than I'm single without any dependents, owning one property seems sufficiently simple that I should be able to sort it out myself. Is looking for a CPA an unnecessary expense at this point? Not sure if I am being dramatic here or sure if my situation warrants it hiring outside counsel.