Accounting or Tax Question

[Lakshay G.]

Hello there. 

 I have two questions. 

1.  I bought a property towards the end of 2017 and started rehabbing it and now it’s almost done and will be ready for a tenant next week.  Will an accountant know how to perform tax write off‘s as in 2017 only expenses occurred no income, if it helps I purchased it as an investment property and paid 20% down. 

2. My current small business accountant who I believe is not an expert when it comes to rental property investment Taxes.  Of course if I approach her and give her the details regarding my purchase of an investment property she would say that she has many rent rental property accounts and she can handle it, but somehow I want to get the rental property taxes done from an accountant who is a real estate in messenger himself/herself.   So my question is, can I get just the rental property taxes (a certain schedule?) done from a Real estate investor accountant and turn that in to my small business accountant as she will be filing my personal taxes as well as small business taxes. I tried my best not to confuse anybody, I hope I can receive some help. 

Thank you. 

[Natalie Kolodij]

@Lakshay G. I would find an accountant who specializes in REI.

None that I know of would only prepare that schedule for you- it's way too much liability for us. I won't do work where I can't control the end return of how it's filed. 

And- An accountant should hopefully not write off those expenses in 2017; as these were costs to get the rental ready for service. They would typically be capitalized and depreciated as part of the value of the home. There are some exceptions and it relates to if/when the home was available/ready/advertised ect.