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Updated over 2 years ago on . Most recent reply

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Nathan Veilleux
6
Votes |
6
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Newer STR owner looking for tax advice.

Nathan Veilleux
Posted

Hi everyone,

My name is Nate and I am just coming up on my first year as a short term rental owner and have filed an extension on my taxes with the CPA, but I get the feeling that he doesn't know what he's doing with real estate taxes.  He showed me my tax return info before ever asking about the closing costs, furnishing, etc.  I don't really know enough to be sure what is deductible and what isn't so I don't want to tell him he's doing it wrong without being sure what he needs to be looking at.  He did eventually ask for the documents for the house once we talked, but I'm still nervous that he hasn't done it correctly.  Any advice on what I should ask him to make sure he's getting the deductions I need and also any advice on a new CPA for next year?   Also, I do still have my normal W-2 job and so does my wife.  Our rental is in Clayton, GA about 2 hours north of Atlanta. 

Thank you,

Nate

Most Popular Reply

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John Underwood
#1 Short-Term & Vacation Rental Discussions Contributor
  • Investor
  • Greer, SC
14,919
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12,321
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John Underwood
#1 Short-Term & Vacation Rental Discussions Contributor
  • Investor
  • Greer, SC
Replied

Give your CPA all your documentation on deductions. He might not know everything you have done if you don't tell him, that is your responsibility to gather up everything and give to him.

  • John Underwood
  • Loading replies...