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Updated almost 2 years ago on . Most recent reply presented by

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Christine Cho
12
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16
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Tax Professional/Accountant for first year STR investor

Christine Cho
Posted

Hello BP,

I bought my first primary last year and used a portion of it for a full time AirBnb. We will buy another primary under husband's this year and move there. The plan is to purchase primary each year if possible and move around to build rental portfolio. I've been doing my own taxes since the beginning of time but looking to get it done by a professional this year. I did all the bookkeeping (recurring and one-time operation cost, initial cost of furnishing and house improvements, etc.) I still think I can do it myself, but husband insists I get get a professional help.

- One REI-friendly accountant quoted what I thought was quite high considering the size of STR income. However, the work is relatively same regardless of income per unit right? We'd also have to file for extension because the accountant is booked for the season.

- Another I talked with quoted a more reasonably, but did not market as REI-friendly accountant.

My question is, given where I'm at (first year) and where I want to go (LLC, cost segregation, more complex RE tax strategy down the road) should I definitely consult with a tax professional? And if so, should I go with an accountant that seems REI-friendly even at a higher cost? Possibly search around more? For background info, husband and I both have W-2 and we file separately because husband's student load payback would double if we file jointly. I would love to hear your experiences and advices!

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