Accountant in Philadelphia

[Shawn Underwood]

Can anyone recommend an accountant that is well versed in real estate as well? Someone who finds loopholes to avoid/defer ordinary income tax.

[Brandon Hall]

Originally posted by @Shawn Underwood:

Can anyone recommend an accountant that is well versed in real estate as well? Someone who finds loopholes to avoid/defer ordinary income tax.

Real estate is a great way to shield income from taxes, but you need to make sure you have a CPA that is real estate savvy and invests in real estate themselves. That may not be the local guy, so don't be afraid to use someone non-local. Today's technology allows us to collaborate with our clients all over the US and even the world pretty seamlessly.

If you definitely want to use someone local, contact a local REIA and ask members for referrals or contact your state CPA board as they are usually more than willing to help.

For reference, you will want to discuss with your CPA:

1. Taking advantage of passive losses

2. Repair strategies, including timing of the repairs and materiality of repairs

3. The Final Tangible Property Regulations and the three safe harbors and BAR test that comes with them

4. Home Office and how it affects local transportation expenses

5. Travel

6. Integrating retirement plans with your strategy

7. Entity utilization

8. Recordkeeping