Looking for an accountant in Studio CIty, CA
Hi everyone and Happy New Year!
I am new to flipping houses but have my first condo flip listed and am averaging 5 showings a day (20 on the first open house a week ago). I bought a 2 br/2b 2 level condo for $360k; a similar next door unit (duplicate floor plan) sold recently for $420k. Agent listed mine at $430k. Since I have the property for less than a year I will need to pay 25% short term capital gains, although I'm told I can deduct loss of rental income each month I purchased the property (since I "changed my mind" regarding renting vs. selling the condo). Anyway, I have a 5/1 at 2.65%. Spent about $15k fixing it up and have a 4% commission rate from my agent. No idea of what I can deduct in terms of depreciation (27.5 years?), expenses, and loss of rental income (??).
I was told TurboTax would walk me through all of that but...I think I need a tax accountant, preferably one in Studio City. I'd also like to use funds in my 403k to purchase another home to live in and sell/rent my current home to offset that expense. Again, I just don't think TurboTax is the right decision when it comes to tax strategies and such... or am I wrong???