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Updated over 6 years ago on . Most recent reply

User Stats

7
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6
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Zach Becker
  • Rental Property Investor
  • Indianapolis, IN
6
Votes |
7
Posts

Should I use CPA for small real estate portfolio

Zach Becker
  • Rental Property Investor
  • Indianapolis, IN
Posted

I live in Pennsylvania and have recently bought two duplexes out of state.  My wife usually does our taxes as she majored in accounting (is not an accountant).  However, now that the taxes will be a little more complicated with the added real estate investments I have a couple questions regarding upcoming tax season:

1. Is it worth paying for a CPA to do our taxes instead of my wife since she is not an expert regarding the real estate aspect?  I just don't know realistically what the benefits would be on a relatively small portfolio or if my wife could manage it until it grows larger.

2.  If I do utilize a CPA I am assuming I need to use one in my state of residence, correct?  Does anyone have any recommendations for CPAs in Pennsylvania, specifically near Cranberry Twp, PA?

Thank you for your advice/feedback!

Most Popular Reply

User Stats

221
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160
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Matt Ward
  • Specialist
  • San Francisco Bay Area
160
Votes |
221
Posts
Matt Ward
  • Specialist
  • San Francisco Bay Area
Replied
@Zach Becker I’d recommend using a professional but they don’t need to be in your state. However they should be familiar with both your state and the state that your properties are in. There are several on BP that you could speak with. @Michael Plaks @Natalie Kolodij @Brandon Hall @Nicholas Aiola @Jana Cain

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