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Updated over 4 years ago,

User Stats

27
Posts
15
Votes
James Baker
  • Property Manager
  • Pittsburgh, PA
15
Votes |
27
Posts

New investor tax mess up

James Baker
  • Property Manager
  • Pittsburgh, PA
Posted

I am new investor.

I just bough my Triplex in April of 2019.

I had no idea about tracking expenses or book keeping, so I simply did not.

Come tax time. I go to my recommended CPA and he sends me home because he said it would cost far too much for him to do my taxes, since I am so unorganized.

He instructed me to make an excel spread sheet, print out all my statements and list all my expenses and profit.

I live in my triplex so he told me to list all utilities that I pay for the building as well.

So my issue is #1. I do not know how to use excel and #2. I have so many expenses on different credit cards, credit lines and bank accounts from my small rehab that it’s getting pretty over whelming.

Does anyone have advice on how to make this a little simpler or is it just a long drawn out process? Should I just take my losses?

Thanks!

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