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Updated about 9 years ago,

User Stats

13
Posts
2
Votes
Ryan Best
  • Sahuarita, AZ
2
Votes |
13
Posts

Looking for an accountant in Studio CIty, CA

Ryan Best
  • Sahuarita, AZ
Posted

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???