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Updated almost 3 years ago,
Looking for recommendations for a good Tax Attorney PLEASE HELP!
Can anybody recommend a good tax attorney, knowledgeable in Real Estate investing? My wife and I have been involved in real estate investing for years. We started out buying and selling. In the last five to seven years, we have adopted a buy and hold philosophy. I thought we were doing well, but we were just recently informed by our CPA that virtually none of the $150,000 we spent on renovations to our properties last year can be written off. She is also urging us to consider selling off our properties to avoid being "eaten up" by depreciation. She is telling us that the tax code, relative to real estate investing, has drastically changed since last year and we are suffering from those changes. We were completely unprepared for the tax bill we are facing. Maybe she is correct. Maybe we messed up. I don't know, but I need to find someone else to consult with to determine what is going on and if we even want to continue to invest. As of right now, I don't see the benefit. Please help!