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Updated 12 months ago, 11/30/2023
Who is the best property investor friendly CPA in Arizona?
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
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.
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.
- Mason Weiss
- [email protected]
- 480-818-7745
- CPA | Accepting new clients | California
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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.
- Accountant
- New York, NY
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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.
- Basit Siddiqi
- [email protected]
- 917-280-8544
- Qualified Intermediary for 1031 Exchanges
- St. Petersburg, FL
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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