Accountants & Lawyers

[Norman Cross]

Hey all, I have owned a couple of rental properties as I moved around in my Air Force career, but now that I am out, I realized that I haven't started to manage my money properly and am looking to expand into more properties. I live in the Philly area and am wondering if any of the many experienced real estate investors here on biggerpockets know any great accountants and lawyers in or around Philly. Also, I am looking into biggerpockets meetups in Philly as well. I look forward to meeting some other real estate investors in the area to get a better understanding of the environment.

Thanks in advance for the help!

[Basit Siddiqi]

@Norman Cross

Welcome to BP!

Please find below a link with some real estate investing networking events from Biggerpockets' Events section near philly

https://www.biggerpockets.com/forums/521-events-an...

I took a look at your profile. 
It looks like you need to file a nonresident state tax return in Nebraska and New Mexico where you will report your rental income in these states.
You will then file a resident state tax return in Philadelphia where you will report your worldwide income. To Avoid double-taxation you will get a credit for the taxes that you pay to Nebraska and New Mexico.

It also looks like you will be soon forming an LLC/partnership with your sisters. The LLC/partnership will file a partnership return where the partnership will provide a K-1 to each partner/member. The partners/members will then report the K-1 on his/her individual tax return.

The great thing about having investments across the United States is that you can deduct travel expenses when you visit the areas where you have rental properties. 
Imagine going to Omaha for a week where you check out on your properties for a couple days and then go to a Berkshire hathaway stockholder meeting and have a good portion of those expenses deductible!

Let me know if you have any other tax questions!