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Updated 3 months ago,
How important is getting an account for tax purposes when entering long term rentals
I have just acquired my first two long term rental properties this year and am looking to take advantage of the tax benefits. How important is it to get with CPA to assist with tax benefits. I have spoke with my parents who have been in long term rental business for 30+ years and use an account to for their taxes. They do not believe it is necessary to spend thousands of dollars on an account with the two properties I own. Any thoughts or suggestions?