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Updated about 4 years ago on . Most recent reply presented by

User Stats

13
Posts
9
Votes
Barron Peper
  • Rental Property Investor
  • Missoula, MT
9
Votes |
13
Posts

Seattle REI Tax CPA | Advice / Recommendation

Barron Peper
  • Rental Property Investor
  • Missoula, MT
Posted

Hey BP Community,

I'm one year until my first house hack in Seattle. Overall it's gone beautifully (save the unexpected repairs of every sort.) Looking to start a family in a year though, and can't have a baby and live with 5 other folks. So, exploring some good options, but haven't a clue how to navigate the tax implications.

We live on a 7000 SF lot, and I'm an architect. My plan is to design and build a DADU, and finance it against the mortgage. That's where we'd love after having a baby. Likely to rent it out in a few years when we move. The numbers crunch out fine on a cashflow basis (assuming I keep the construction budget in check.) We're also considering turning half of the primary residence into an AirBnB. So taxes: how do we claim our income from house hacking this year? Navigating capital gains? What if we sell it all within a few years? Is building another unit going to surprise us with fees or taxes? 🥴

The tax side makes my head spin. Looking for a good Seattle (or elsewhere) CPA. Would also just love to hear any wisdom this community wants to share regarding this approach! It's all v exciting.

Designing a house, living in it, and renting the primary seems really straightforward, but we don't have a bucket of cash if taxes surprise us.

Please and thanks! 🙏

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