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Updated 12 months ago, 11/30/2023

User Stats

12
Posts
6
Votes
Joe Valenti
  • Rental Property Investor
  • Tempe, AZ
6
Votes |
12
Posts

Who is the best property investor friendly CPA in Arizona?

Joe Valenti
  • Rental Property Investor
  • Tempe, AZ
Posted

I currently have one SFR rental as well as a SFR that I am house hacking. My current tax situation isn't super complicated so I've been satisfied with TurboTax but I'm mostly focused on someone who's expertise is tax planning for continued portfolio growth

User Stats

129
Posts
75
Votes
Janet Behm
  • Accountant
  • West Jordan, UT
75
Votes |
129
Posts
Janet Behm
  • Accountant
  • West Jordan, UT
Replied

Joe,

You are asking the wrong question.

The Question is Who Can be the most Valuable in finding the tax savings?

I recommend you do a search your area of Arizona for a "Certified Tax Coach." They specialize in real estate strategies. 

User Stats

361
Posts
183
Votes
Mason Weiss
Agent
  • Realtor
  • Phoenix, AZ
183
Votes |
361
Posts
Mason Weiss
Agent
  • Realtor
  • Phoenix, AZ
Replied

Hey @Joe Valenti, I use True Books CPA. They have been very helpful in providing tax saving solutions. If you want more information let me know as I can connect you with them.

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User Stats

1,034
Posts
653
Votes
Sean O'Keefe
Pro Member
#3 Tax, SDIRAs & Cost Segregation Contributor
  • CPA | Accepting new clients | California
653
Votes |
1,034
Posts
Sean O'Keefe
Pro Member
#3 Tax, SDIRAs & Cost Segregation Contributor
  • CPA | Accepting new clients | California
Replied
Quote from @Joe Valenti:

I currently have one SFR rental as well as a SFR that I am house hacking. My current tax situation isn't super complicated so I've been satisfied with TurboTax but I'm mostly focused on someone who's expertise is tax planning for continued portfolio growth

Smart that you are looking for a CPA with experience in Real Estate and who is also a real estate investor - this is impt. I don't think location matters, provided CPA is a strong communicator, and has modern tools to make it easy to collaborate.

Although, this doesn't work for everyone and some people want to meet in person and work with local CPAs.

  • Sean O'Keefe
  • [email protected]
  • txt 6282410888
  • User Stats

    7,982
    Posts
    3,506
    Votes
    Basit Siddiqi
    Tax & Financial Services
    Pro Member
    #3 Investor Mindset Contributor
    • Accountant
    • New York, NY
    3,506
    Votes |
    7,982
    Posts
    Basit Siddiqi
    Tax & Financial Services
    Pro Member
    #3 Investor Mindset Contributor
    • Accountant
    • New York, NY
    Replied

    House hacking makes your tax situation more complex.
    You purchased a property that is treated as both an investment property and a personal residence. As such, payments that you make need to be prorated between business deductions and personal deductions.

    Payments that you make normally fall into one of 3 buckets
    100% of the payment can be factored in somewhere on the return
    Partial payment can be factored somewhere on the return
    0% of the payment can be factored in somewhere on the return

    House-hacking also has considerable tax implications in the event that you want to sell this property.

    You can potentially defer a portion or all of the gain on the investment property with 1031 exclusion.
    You can potentially exclude a portion or all of the gain on the personal residence with section 121 exclusion.

    business profile image
    Basit Siddiqi CPA
    4.9 stars
    64 Reviews

    User Stats

    8,898
    Posts
    9,264
    Votes
    Dave Foster
    Professional Services
    Pro Member
    #1 1031 Exchanges Contributor
    • Qualified Intermediary for 1031 Exchanges
    • St. Petersburg, FL
    9,264
    Votes |
    8,898
    Posts
    Dave Foster
    Professional Services
    Pro Member
    #1 1031 Exchanges Contributor
    • Qualified Intermediary for 1031 Exchanges
    • St. Petersburg, FL
    Replied

    Well said @Basit Siddiqi@Joe Valenti, There's much that a person can glean out of the options that a piece of software just isn't able to do.  You're on the right path.

    • Dave Foster
    business profile image
    The 1031 Investor
    5.0 stars
    84 Reviews