CPA looking to learn more about Real Estate Tax

CPA looking to learn more about Real Estate Tax

Member since 2021 · 2 posts · 0 votes

Contrary to popular belief, accountants/CPAs do other things than taxes. After college, I decided to enter the world of audit at an accounting firm. Turns out I wasn't a huge fan of it and moved over to consulting.

It took me a few years to realize the value of tax knowledge, especially in real estate. As a CPA, I have a general knowledge of tax, having passed REG (tax portion of the CPA) but want to grow that knowledge effectively in the real estate space. As I grow in the real estate space on the side (looking to get my first multi-family soon), Brandon and David's advice to "find your unfair advantage" has resonated with me and I believe growing in the real estate accounting/tax space is mine, especially since I have the CPA designation that tends to allow for greater credibility.

Obviously, my intention is not to mislead people and use my CPA designation as a lure since my tax knowledge is minimal at the moment. Instead, I want to grow the basic knowledge to a more professional level and then eventually have my CPA designation work for me.

So my question for all my fellow BPer's is could you help provide actionable steps that will help me grow in the real estate accounting/tax space?

At the moment, I enjoy my consulting career and am not looking to join a smaller accounting firm to learn the ropes. I view real estate as something that will take significant effort and I want that professional real estate tax knowledge as a tool in which I could use for myself, consult for others, and be my thing when looking to partner with others on larger deals.


I'm open to all suggestions and am open to working for a smaller firm on the side if that makes the most sense. Wanted to bounce this off you all to hopefully make some great strides in that space and maybe even be an asset to your team in the future.

Thank you in advance for all your help :)

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  • Accountant · Louisville, KY · Member since 2017 · 32 posts · 25 votes
    4y

    @Gaspare Randazzo

    I would provide links, but cannot do so on my phone easily….

    Here are four books you should strongly consider reading to gain a better tax understanding…

    Every Landlords Tax Guide (it’s a NOLO book and believe Fishman is the author.)

    Loopholes of Real Estate (Wheelright is author)

    And there are 2 BP books written by Amanda Han who owns her own firm on the west coast.

    All 4 of these books are great for new investors wanting to understand the tax side.

    You might also consider following the tax forum here in BP. Micheal Plaks and Eamon McElroy (hopefully I have these names correct) are 2 of about 10-12 tax advisors that provide great info.

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