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Updated about 10 years ago on . Most recent reply

User Stats

129
Posts
28
Votes
Kate B.
  • Investor
  • Albany, NY
28
Votes |
129
Posts

Doing Taxes on Real Estate in Multiple States

Kate B.
  • Investor
  • Albany, NY
Posted

I own three properties in different states bordering each other.   I run the numbers for selling and renting very often.   To my surprise, if I don't sell but improve and rent them, I have a very nice income, before taxes.   In this discussion, I am NOT discussing the income and expenses for the properties (whether it's a good idea to keep them or how I ran the numbers), but only the taxes.

Do accountants regularly cover more than their own state's laws and regulations?   Can I hire one accountant to do my taxes for three states?   This will be needed NEXT year, but I want to budget the money so I want to figure this out ahead.

If I can't, I'll ask my tax lawyer brother to help me out, but I don't want to.   His plate is too full most of the time.

Thanks!

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