How do I find a Real Estate Tax Accountant

[Michael Strauss]

I just purchased my first property yesterday at a tax deed auction. I always thought I would buy, then sell for a profit in the same tax year. But since it won't be sold until next year, I need someone to explain to me how it works for 2016 and 2017 taxes.

I live in Los Angeles County, CA

Anyone have good personal experience with a specific professional?

Can anyone tell me how to find whom I am looking for?

Thanks

Mike

[Natalie Kolodij]

Originally posted by @Michael Strauss:

I just purchased my first property yesterday at a tax deed auction. I always thought I would buy, then sell for a profit in the same tax year. But since it won't be sold until next year, I need someone to explain to me how it works for 2016 and 2017 taxes.

I live in Los Angeles County, CA

Anyone have good personal experience with a specific professional?

Can anyone tell me how to find whom I am looking for?

Thanks

Mike

 I would disagree with Fulton. 

Holding it for 25 days of 2016 and then x amount of days of 2016 won't necessarily reclassify the tax. As he said it's holding for an actual 365ish day year. 

Is this a flip? If so, I doubt you want to accrue holding costs for an entire year just to hit that qualification for tax purposes. 

Go to a local Real estate Investment group meeting. Find actual experienced investors (people who do this for a living) and find out who they use. 

You also don't need a local CPA and can have one remotely as well. I know an excellent CPA who's based out of San Diego who specializes in complex entities and development if you'd like his information.