Importance of real estate specific accountant

[Stephanie St. Germain]

Hi,

I am in the early stages of my real estate investment journey and under contract with my first rental property, which I intend to use as an STR. I am technically an active CPA but haven't been actively using the certification in almost 10 years and never specialized in tax, but I still have the general background and understanding. I know how important a real estate specific accountant is especially as I start out, but after a couple years of working with a professional and if no significant changes have taken place and I only have 1 investment property, could I not do the taxes myself? Or is a real estate professional absolutely a must?
thank you!

[Chris Picciurro]

Great question and I have been a practicing CPA for almost 25 years. If you are taking advantage of the STR loophole then working with a tax professional that understands it is critical. The tax pro should also work closely with the cost segregation firm. If the rental is passive, you can probably muddle through Schedule E on your own. Have a great day!