Out-of-State Investing: Question for a CPA

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Out-of-State Investing: Question for a CPA

Eric Geers
Real Estate Agent · Denver, CO · Member since 2019 · 17 posts · 6 votes

Hey all,

I am planning on investing out-of-state (based in Southern California, investing in Fort Wayne, Indiana), and am currently assembling a team of people to help me out. My question is this:  If I choose to solicit the services of a CPA, then should this CPA be based in the city/state where I'll be investing, or can I use a CPA based anywhere in the U.S.? 

Any advice is appreciated! 

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Lin He
Investor · Orange County, CA · Member since 2010 · 17 posts · 8 votes
7y

Eric, Amanda Han and her husband, Matt of Keystone CPA specialize in real estate, 90% of their clientele is real estate investors. They are also active on BP (and wrote a book for BP too). ahan at keystonecpa com. They are in OC.

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  • Natalie KolodijBusiness Member
    Moderator
    Tax Strategist| National Tax Educator| Accepting New Clients · Member since 2014 · 3k+ posts · 4k+ votes
    7y

    Most tax pros have clients all over the country. 

    There are lots here on BP who specialize in REI. That's a harder area to master than a localities taxes. I'm obviously biased- but I think finding a tax pro who is an expert at real estate trumps one who is local.

    Podcast Guest on Show Pay Less Tax to the IRS This Year With THESE Real Estate Tax Strategies
    Kolodij Tax & Consulting
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  • Katie L.
    Attorney and CPA · San Diego, CA · Member since 2017 · 590 posts · 422 votes
    7y

    @Eric Geers Since you live in California, which has one of the more complex tax systems as far as states go, and since all your income will be taxed as a CA resident, it is likely a much smarter idea to have a CA-based CPA or at least one who is familiar with California laws.  You'll need to file a non-resident income tax return in the state where you own property.  Let me know if you need referrals in San Diego or the Newport Beach area.

    *This post does not create an attorney-client or CPA-client relationship.  Readers advised to seek professional advice.

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  • Eric Geers
    OP
    Real Estate Agent · Denver, CO · Member since 2019 · 17 posts · 6 votes
    7y

    @Katie L.

    @Katie L. Thanks for the information, I really appreciate it. Would the non-resident tax return be something a CA-based CPA would be able to help me out with, in addition to my other tax needs? Also, to take you up on your offer, I would love a recommendation for someone based in the Newport Beach area! I work there, so that would be very convenient. 

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  • Lin He
    Investor · Orange County, CA · Member since 2010 · 17 posts · 8 votes
    7y

    Eric, Amanda Han and her husband, Matt of Keystone CPA specialize in real estate, 90% of their clientele is real estate investors. They are also active on BP (and wrote a book for BP too). ahan at keystonecpa com. They are in OC.

    1Reply
  • Account Closed
    Rental Property Investor · IN · Member since 2015 · 125 posts · 93 votes
    7y

    I agree with Lin.  Contact Amanda.

    1Reply
  • Stephen FryerPro Member
    Investor · Ottawa ON / South Bend, IN · Member since 2013 · 186 posts · 93 votes
    7y

    HI Eric.

    If you would like to speak to an investor friendly CPA in IN, give Josh Belk  a call. Josh is very knowledgeable and the majority of his clients are real estate investors.

    0Reply
  • Eric Geers
    OP
    Real Estate Agent · Denver, CO · Member since 2019 · 17 posts · 6 votes
    7y

    Thanks for the recommendation, @Stephen Fryer, I really appreciate it! Do you happen to have his contact info?

    0Reply
  • Stephen FryerPro Member
    Investor · Ottawa ON / South Bend, IN · Member since 2013 · 186 posts · 93 votes
    7y

    I'll PM you.

    0Reply
  • Richard Weinberg
    Rental Property Investor · Winston Salem, NC · Member since 2018 · 102 posts · 66 votes
    7y

    @Eric Geers

    I am not a CPA but I do out of state investing and I know Irvine and Fort Wayne pretty well. They are worlds apart. I would assure I was hands on on Fort Wayne or pass. My CPA is in Chicago... where I used to live almost 40 years ago.

    i suspect the learning curve in Indiana is heavier on the landlord than he CPA. Local laws, ordinances and leases.

    Good luck!

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