Taxes for a newbie (please share exp/advice)

[John Matarazzo]

Hey all,

I just closed on my first property (duplex) a couple of weeks ago. I plan on doing most things myself, management, bookkeeping, etc. However, was thinking to get an accountant for the first year doing taxes. I am sure I could figure it out but I don't really want to invest too much time in it as there are plenty of other things going on, as well I don't want to make a mistake starting out.

Any recommendations? Is it worth it to hire an accountant? Note, property is in my name. What questions would you ask when trying to find the right accountant? What have you all done? Thanks!

[Aaron W.]

@John Matarazzo I always try to outsource what I can so it frees me up to focus on money-making activities. Accounting is definitely one I would find an expert to do. You want to not find any accountant as not all accountants are the same. You should find one versed in real estate investing. The tax code is so complex that no accountant can understand every aspect of the tax code. 

When looking for an accountant, don't find one just to do your taxes. You should find one who will help you throughout the year to save on future taxes. They should be an advisor to you on how you can save on taxes through your real estate. 

Best of luck!