Looking for a CPA with House Hacking Clientele Experience (Open on Location)

[Emmanuel Cortez]

Good morning! I just recently purchased a multi-unit property that I will be house hacking and wanted to post to the BP community if anyone had any referrals for CPAs in Texas or CPAs anywhere in the US that has worked with investors using the house hacking strategy. Would also love to make connections with other former or current house hackers on here as well.

Kind regards,

Emmanuel

[Joshua Thompson]

Hi Emmanuel!

I would highly recommend two options:

1. Use the above feature "Build Your Team" and find that accountant. Granted sometimes they are remote which isn't an issue. I'm located in Texas as well but we are 100% remote working with clients. Sometimes the best tax professional for you isn't local.

2. Contact a few accountants you see active here in the forms. Typically if they are active in the forms they probably have a good amount of real estate investing tax knowledge.

Good luck and congrats on the new multi-unit!

[Bill Hampton]

@Emmanuel Cortez

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.

[Zachary Jensen]

Quote from @Emmanuel Cortez:

Good morning! I just recently purchased a multi-unit property that I will be house hacking and wanted to post to the BP community if anyone had any referrals for CPAs in Texas or CPAs anywhere in the US that has worked with investors using the house hacking strategy. Would also love to make connections with other former or current house hackers on here as well.

Kind regards,

Emmanuel

Hello Emmanuel, We work with folks doing house hacking, STR loophole, and REPS all over the US. Consider checking us out: taxwisecorp.com

[Emmanuel Cortez]

Quote from @Joshua Thompson:

Hi Emmanuel!

I would highly recommend two options:

1. Use the above feature "Build Your Team" and find that accountant. Granted sometimes they are remote which isn't an issue. I'm located in Texas as well but we are 100% remote working with clients. Sometimes the best tax professional for you isn't local.

2. Contact a few accountants you see active here in the forms. Typically if they are active in the forms they probably have a good amount of real estate investing tax knowledge.

Good luck and congrats on the new multi-unit!

 Hey Joshua! Thanks so much for these tips. I'm seeing that there's a lot of underutilized tools here so I'll be sure to check them out.

[Emmanuel Cortez]

Quote from @Bill Hampton:

@Emmanuel Cortez

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.

Hey Bill! Thank you for sharing these tips! Super important. These basics should definitely be nailed down before choosing a CPA/Accountant

[Emmanuel Cortez]

Quote from @Zachary Jensen:

Quote from @Emmanuel Cortez:

Good morning! I just recently purchased a multi-unit property that I will be house hacking and wanted to post to the BP community if anyone had any referrals for CPAs in Texas or CPAs anywhere in the US that has worked with investors using the house hacking strategy. Would also love to make connections with other former or current house hackers on here as well.

Kind regards,

Emmanuel

Hello Emmanuel, We work with folks doing house hacking, STR loophole, and REPS all over the US. Consider checking us out: taxwisecorp.com

 Hey Zachary! Thanks for your response. I will definitely reach out

[Joshua Thompson]

Quote from @Emmanuel Cortez:

Quote from @Joshua Thompson:

Hi Emmanuel!

I would highly recommend two options:

1. Use the above feature "Build Your Team" and find that accountant. Granted sometimes they are remote which isn't an issue. I'm located in Texas as well but we are 100% remote working with clients. Sometimes the best tax professional for you isn't local.

2. Contact a few accountants you see active here in the forms. Typically if they are active in the forms they probably have a good amount of real estate investing tax knowledge.

Good luck and congrats on the new multi-unit!

 Hey Joshua! Thanks so much for these tips. I'm seeing that there's a lot of underutilized tools here so I'll be sure to check them out.

No problem! Wish you the best of luck! We're happy to help out where we can. 

[Zachary Jensen]

Quote from @Emmanuel Cortez:

Quote from @Zachary Jensen:

Quote from @Emmanuel Cortez:

Good morning! I just recently purchased a multi-unit property that I will be house hacking and wanted to post to the BP community if anyone had any referrals for CPAs in Texas or CPAs anywhere in the US that has worked with investors using the house hacking strategy. Would also love to make connections with other former or current house hackers on here as well.

Kind regards,

Emmanuel

Hello Emmanuel, We work with folks doing house hacking, STR loophole, and REPS all over the US. Consider checking us out: taxwisecorp.com

 Hey Zachary! Thanks for your response. I will definitely reach out

 Sounds like a plan! I hope we end up being a fit 

[Basit Siddiqi]

House hacking makes your tax situation more complex.
You purchased a property that is treated as both an investment property and a personal residence. As such, payments that you make need to be prorated between business deductions and personal deductions.

Payments that you make normally fall into one of 3 buckets
100% of the payment can be factored in somewhere on the return
Partial payment can be factored somewhere on the return
0% of the payment can be factored in somewhere on the return

House-hacking also has considerable tax implications in the event that you want to sell this property.

You can potentially defer a portion or all of the gain on the investment property with 1031 exclusion.
You can potentially exclude a portion or all of the gain on the personal residence with section 121 exclusion.