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Updated about 5 years ago on . Most recent reply

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Stephen Craul
  • Rental Property Investor
  • Colorado
0
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14
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SDIRA LLC in Colorado but rental property Arizona, Accountant?

Stephen Craul
  • Rental Property Investor
  • Colorado
Posted

Hi BP members; Formed an LLC registered in Colorado (state of residence) using self directed IRA (wife & I) in 2016. Finally purchased a residential single family home in Tucson, Arizona July 2019 using 50% mortgage to afford the property. Property rented out and generate UBIT due to the debt service. Would love to do taxes on this myself as the Colorado accountant has been charging over $500 on the 2016-2018 T-990 tax returns, and estimates the tax return fee would increase to $800 minimum for 2019 return as more complex. Basic question is whether an accountant in AZ would be a better choice (as AZ is where the rental property is doing buisness) or stay with the CO accountant. Also, currently doing QuickBooks myself and wondering if its possible to do a turbotax filing with this entity or too complex and accountant best option. Thank you.

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Eamonn McElroy#5 Tax, SDIRAs & Cost Segregation Contributor
  • Accountant
  • Atlanta, GA
1,762
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1,982
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Eamonn McElroy#5 Tax, SDIRAs & Cost Segregation Contributor
  • Accountant
  • Atlanta, GA
Replied

$800 for one 1065 and two 990-Ts is dirt cheap...

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