What to look for in a Tax Advisor/Attorney

[Wei Jie Yang]

Hi Everyone,

This is a more general question but what exactly should I look for in a Tax Advisor/Attorney? I am a complete newbie in terms of real estate investing. I own a Duplex in NYC that acts as my primary, own one property OOS, and have another one under contract. I am also a middle income W-2 worker. 

I don't feel I need a tax advisor or attorney yet, but I probably will two to three years down the line. How do I find a good tax advisor/attorney? What do I even look for? How do i know what sounds good vs what's actually good for my situation?

[Matt Chodosh]

@Wei Jie Yang seek someone with the experience and credentials applicable to your situation. If your transactions require significant partnership special allocations, be sure to hire someone with partnership tax knowledge. Don't get suckered by white-shoe law or accounting firms. If you are working on $2M deals don't hire someone who only works with large institutional clients, you'll be throwing money away. Alternatively, if you're working on $20M deals don't hire someone who works on mom and pop transactions.

The important thing is the practitioner NOT the firm. Check to ensure the practitioner is an active member of the state's bar (attorneys) or Board of Accountancy (CPAs), whichever is applicable. Seek out reviews just as you would a restaurant. Ask the practitioner to introduce you to a previous client or party to a transaction. Most importantly, follow your instinct.