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Updated about 10 years ago,
First Year Tax Return owning Rental Property
Hello All,
My wife and I purchased our first rental unit, a 4 unit home that sits on 5 acres of ground with some farming rents coming in as well, in August and I love it! With that said this will be my first year doing a tax return owning rental property. I am a big dummy when it comes to taxes my entire adult life I always just thought it best to have someone help me out and try and make sure I didn't screw anything up and also just trying to get everything back that I deserved.
We have always used the same guy here in our home town and he has been very helpful when I was thinking about purchasing a rental unit of making sure to tell me to keep track of all my miles, receipts, etc.
My question is, is there anything that maybe my CPA might miss? or something that I should really pay attention to? Just want to make sure that we are doing things right first of all and getting everything that we deserve?
Any advice would be very helpful, TIA!