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Updated almost 5 years ago on . Most recent reply

User Stats

72
Posts
47
Votes
Bernard Sanga
  • Investor
  • Lakewood Ranch, FL
47
Votes |
72
Posts

Property tax write offs - need help

Bernard Sanga
  • Investor
  • Lakewood Ranch, FL
Posted

I bought my primary residence last year and was not able to take any deductions. My accountant says going for itemized deductions did not make sense in my case because I will get a higher deduction on standardized.

I am a W-2 employee with a home health care agency. I recently purchased an investment property and worried that my CPA will not be able to take advantage of the tax benefits again. I know its always case to case so I would like to get a second opinion from somebody.
Can anybody recommend me a CPA that you use in the Sarasota/ Bradenton Florida area?

Thank you!
Bernard

Most Popular Reply

User Stats

81
Posts
41
Votes
Andrew DeWeerd
  • Rental Property Investor
  • Sarasota, Fl
41
Votes |
81
Posts
Andrew DeWeerd
  • Rental Property Investor
  • Sarasota, Fl
Replied

@Bernard Sanga your primary residence and itemizing deductions towards trying to exceed the standard deduction is totally different than writing off items on an income property, they’re in different sections of your taxes. Your CPA knows this, but sounds like you’re learning this bit, as we all do when we start investing. Think of it like you have two different sections on your return, one for your personal income, and another for other business income (your rentals)

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