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Tax suggestions DFW
Hello I’m looking for any suggestions for someone that deals with taxes for home owners/rental property in the DFW area. In the past my boyfriend and I have gone to places like H&R Block but are looking for someone that can be a little more detailed on our taxes and possibly give us tax advice for the upcoming years.
Below I will outline what we having going on with our taxes.
We are not married and all the properties have been owned together, so different properties could be claimed under either of us. We are unsure who should claim which ones.
For me I made just over $10,000 this year, left my job to invest in real estate and working on my real estate license.
He has a full time job and brings home $90k a year.
We have a rental in Arizona, it cash flows about $500 a month. We spent about $1500 getting the place ready for new tenants this year as well as a few minor repairs. When applying for a loan in the future for investment properties will the lender give us a hard time if for example I claim the rental and he is applying for the loan? (Will the lender not count the cash flow for him)
Sold our home in Irving with a profit of about $25,000. We owned the home about 6 months short of 2 years. We sold it since I’m not currently working and the home was too large for us (The numbers also didn’t work to keep it as a rental). Also could we avoid paying capital gains because we wanted out of the house since I left my job?
We bought a small condo in Arlington $70,000.
If anyone has any suggestion or could shed any light on our situation we would greatly appreciate it!
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I am also looking for a CPA in Dallas area. I have rentals and am a licensed real estate agent so need help with taxes!
Chance, thanks for posting! I am now following!! :)
Thanks,
priyanka
Investor and Agent in DFW