CPA in South Jersey Area

[Caleb Coombe]

I recently just purchased my first investment property and I am currently house hacking. I am looking for recommendations for CPA's who are literate in real estate to help with tax strategizing and preparing taxes. 

Thank you!

[Basit Siddiqi]

@Caleb Coombe

House hacking makes your tax situation more complex.
You purchased a property that is treated as both an investment property and a personal residence. As such, payments that you make need to be prorated between business deductions and personal deductions.

Payments that you make normally fall into one of 3 buckets
100% of the payment can be factored in somewhere on the return
Partial payment can be factored somewhere on the return
0% of the payment can be factored in somewhere on the return

House-hacking also has considerable tax implications in the event that you want to sell this property.

You can potentially defer a portion or all of the gain on the investment property with 1031 exclusion.
You can potentially exclude a portion or all of the gain on the personal residence with section 121 exclusion