Need a CPA, first time filing taxes for a rental property.

[Fabian Jimenez]

Hello everybody! I turned my primary residence into a long-term rental in December of 2023, I have an extension for my taxes and need help filing this year. I can work with someone local in Phoenix AZ or online. Any help is appreciated. Thank you!

[Michael Plaks]

@Fabian Jimenez

Welcome aboard! This forum features over 20 tax professionals who can help you. But Bigger Pockets prohibits us from offering our services to you, publicly or privately. You're supposed to find people you want to work with yourself and initiate the conversation from your end.

To "find" us, just browse the forum and see who answers tax questions and how. Then send a PM.

[Basit Siddiqi]

If you have a personal residence turned into a rental property, make sure to properly calculate the tax basis.
Your tax basis will include all the improvements that you made to the property while you lived there.

Furthermore, be mindful that you may be able to potentially take advantage of section 121 exclusion if you sell it within a certain period of time if you lived in the property for atleast 2 years.

[Jarrod Ochsenbein]

I use Jeff Nash for my rentals and am happy.
He may not be happy with me this year since I bought two more rentals and moved my banks half way through the year. :)
I found him via my law firm, KKOS.  I asked for the best real estate CPA and they gave me 3. I interviewed them and liked Jeff the most.  I later found out he is all over Bigger Pocket, which I love. Here is his BP profile. https://www.biggerpockets.com/users/jeffn148 

Happy hunting!

[Sean O'Keefe]

Quote from @Michael Plaks:

@Fabian Jimenez

Welcome aboard! This forum features over 20 tax professionals who can help you. But Bigger Pockets prohibits us from offering our services to you, publicly or privately. You're supposed to find people you want to work with yourself and initiate the conversation from your end.

To "find" us, just browse the forum and see who answers tax questions and how. Then send a PM.

[Fulton Abraham Sanchez]

@Fabian Jimenez, hi. You've come to the right place. There are over 20 active of us CPAs in these forums assisting Real Estate investors nationwide. Make sure to reach out to one with RE experience and  check out their profiles to set up a consultation call via e-mail at your convenience. 

Good luck! 

[Account Closed]

Quote from @Fabian Jimenez:

Hello everybody! I turned my primary residence into a long-term rental in December of 2023, I have an extension for my taxes and need help filing this year. I can work with someone local in Phoenix AZ or online. Any help is appreciated. Thank you!

Hey Fabian! 

I would suggest to find an accountant who is willing to grow with you, and is not too high priced fee-wise. Not too low either, you don't want to go with someone who is just focused on price as this is a quality of a not-so-great accountant. Accountants are in such demand, that the best are not even accepting clients half the time.

The other problem I see often with accountants on here is that they specialize in larger investors, and have really high prices when you as a smaller investor do not need all the bells and whistles.

Another thing I see is folks thinking they need to have a tax professional in their state. We as a firm have investors working with us who have rental properties all over the US big and small.

Finding a real estate-focused tax professional and one who can help with advisory and grow with you would be my suggestion to focus your efforts on finding. Best of luck in your search!

[Sean O'Keefe]

Quote from @Fulton Abraham Sanchez:

@Fabian Jimenez, hi. You've come to the right place. There are over 20 active of us CPAs in these forums assisting Real Estate investors nationwide. Make sure to reach out to one with RE experience and  check out their profiles to set up a consultation call via e-mail at your convenience. 

Good luck! 

Agreed. I'd also confirm that they're a CPA / EA by looking at the header or footer of their post/profile or confirming on the initial call. Otherwise, it's questionable. 

[Bill Hampton]

@Fabian Jimenez

I recommend finding an accountant who specializes in real estate taxation. You may want to consider working with your accountant remotely to expand your options.

I would also recommend looking for a accountant willing to work with you throughout the year. You want an accountant who can help you strategize and who is responsive when you want to know the consequences of the financial decisions you are making throughout the year.

Good luck.