Looking for REI-Friendly CPA with Knowledge of Hawaii

[Clark Kahawaii]

Hi All,

I have bought and sold a few investment properties in Texas, but I moved out to Kailua Kona, HI about 3 years ago now and I am an a new market with new state rules and regulations. I also have partial ownership of a fairly successful property management company that qualifies me as a "Real Estate Professional" which I know opens up some additional tax benefits. I have a basic understanding of several tax strategies, but if there is anything I have learned in business, it is to surround yourself with people smarter than you. So in this case, I would rather defer to someone who is involved with tax strategies concerning both business & REI full time.

Therefore, I am looking in the BP community for some suggestions if anyone has some referrals or testimonies for someone that they would recommend. I am hoping to find someone that is readily available for questions, creative(within the rules of the law) and hopefully has their own investment properties or own their own business.

Thank you in advance for any advice or recommendations!

[Basit Siddiqi]

If you can claim real estate professional status, you have a lot of things to play with.

Did you sell the properties in Texas in 2023?
I assume that you did not do a 1031 exchange upon sale.

Do you know what your gain is from the sale of the properties?
If you did not do a 1031 exchange, you may have some gain.

The good thing is that you can create some losses by buying real estate to offset the gains.
How much real estate you need to approximately buy is a question an accountant should be able to answer for you.

Best of luck!