CPAs Recommendations for New Investor?

Question

Hello!

I'm looking for a CPA and/or tax strategist that can help me start tax planning now that I own a property. I want to know what things I should plan to write off, what tax loopholes I can take advantage of, if I should do bonus depreciation - things like that

If anyone has any recommendations for NEW investors that would be great! I'm looking for people who work with rookies because I'm still new - I don't need the really expensive CPA who does intricate tax strategies yet.

Thank you! I'm in California and invest in Oklahoma

Account Closed · Answer

Hey Mary! I would look for folks who are replying to the questions you need help with on the forum and see if they are accepting new clients.

Mitch Messer · Answer

Great, I reached out to you on LinkedIn. I don't DM here on BP.

Katie Balatbat · Answer

@Mary Ainsworth

I have referrals in the San Diego area if you're interested; feel free to send me a message.  @Nate Meeker is a great choice for newer investors in the San Diego area.  Be careful in finding accountants that are familiar with CA laws, which tend to be more complex than most other states.  Several of the CPAs who comment regularly on these forums are well-versed in real estate.

*this post does not create an attorney-client or CPA-client relationship.  The information contained in this post is not to be relied upon.  Readers are advised to seek professional advice.

Mary Ainsworth · Answer

Oh perfect thank you! I'm in OKC

Bill Hampton · Answer

@Mary Ainsworth

I recommend finding an accountant who specializes in real estate taxation and tax planning. 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.

Ben Scott · Answer

Definitely want someone who is keen on depreciation schedules and S-Corp entities.

Mitch Messer · Answer

Hey Mary, I've got a great CPA recommendation for you. I'll reach out with contact info.Where in Oklahoma do you currently invest?

I'm active in Tulsa and have contacts working Oklahoma City.