Looking for a real estate accountant. What questions should I ask?

Tax, SDIRAs & Cost Segregation
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Looking for a real estate accountant. What questions should I ask?

Corey Duran
Rental Property Investor · Toledo, OH · Member since 2023 · 39 posts · 14 votes

I want someone who specializes in real estate taxes but it seems all accountants I talk to claim they can do real estate accounting as it is common. I own 13 rentals, do about 3 flips a year, and I am a real estate agent so pretty much everything tax-wise is in real estate. 

Are the accountants correct?

Can most accountants do my taxes just fine?

How can I figure out which one might do better for my business?

Is there anything you can share that you wish you knew when choosing an accountant?

I have asked for recommendations from friends/investors I know personally and no one has been able to point me in the right direction so googling and calling is where I am..

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Bryan MartinBusiness Member
Accountant · Springfield, IL · Member since 2022 · 189 posts · 100 votes
3y
Quote from @Corey Duran:

I want someone who specializes in real estate taxes but it seems all accountants I talk to claim they can do real estate accounting as it is common. I own 13 rentals, do about 3 flips a year, and I am a real estate agent so pretty much everything tax-wise is in real estate. 

Are the accountants correct?

Can most accountants do my taxes just fine?

How can I figure out which one might do better for my business?

Is there anything you can share that you wish you knew when choosing an accountant?

I have asked for recommendations from friends/investors I know personally and no one has been able to point me in the right direction so googling and calling is where I am..

I'd advise finding one that invests in real estate as well.  Nothing motivates research on an issue like it affecting their own bottom line.
[email protected]217-788-0750
Taxstra PLLC4.9113 Reviews
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  • Michael PlaksPro Member
    Tax Accountant / Enrolled Agent · Houston, TX · Member since 2014 · 5k+ posts · 6k+ votes
    3y

    @Corey Duran

    No, most accountants cannot. You need one specializing in real estate, and you can find 20+ of us right here on this forum by browsing past questions and answers. 

    Questions to test technical competence: https://www.biggerpockets.com/forums/51/topics/792277-how-to-test-your-cpas-technical-competence

    General questions: https://www.biggerpockets.com/forums/51/topics/795929-questions-to-ask-a-potential-accountant



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  • Bryan MartinBusiness Member
    Accountant · Springfield, IL · Member since 2022 · 189 posts · 100 votes
    3y
    Quote from @Corey Duran:

    I want someone who specializes in real estate taxes but it seems all accountants I talk to claim they can do real estate accounting as it is common. I own 13 rentals, do about 3 flips a year, and I am a real estate agent so pretty much everything tax-wise is in real estate. 

    Are the accountants correct?

    Can most accountants do my taxes just fine?

    How can I figure out which one might do better for my business?

    Is there anything you can share that you wish you knew when choosing an accountant?

    I have asked for recommendations from friends/investors I know personally and no one has been able to point me in the right direction so googling and calling is where I am..

    I'd advise finding one that invests in real estate as well.  Nothing motivates research on an issue like it affecting their own bottom line.
    [email protected]217-788-0750
    Taxstra PLLC4.9113 Reviews
    WebsiteView Page
    2Reply
  • Chris Picciurro
    Accountant · Franklin, TN · Member since 2023 · 204 posts · 91 votes
    3y

    Great post! Coming from a CPA that specializes in real estate there is really 1 BIG question to ask the accountant. Do you invest in real estate? If so, what type? We have a saying in our practice that you need to eat your own cooking.

    2Reply
  • Michael PlaksPro Member
    Tax Accountant / Enrolled Agent · Houston, TX · Member since 2014 · 5k+ posts · 6k+ votes
    3y
    Quote from @Chris Picciurro:

    Great post! Coming from a CPA that specializes in real estate there is really 1 BIG question to ask the accountant. Do you invest in real estate? If so, what type? We have a saying in our practice that you need to eat your own cooking.

    For sure! The only good lawyers are those who served time themselves, and the only good surgeons are cancer survivors. Male OB/GYNs should not be allowed to practice.  ;)

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