Investor CPA/CFP suggestions, Navarre/Navarre Beach/PCola, FL

[Justin Knepp]

Hello BP,

Looking for local (or non local) suggestions on a CPA/CFP to start some long term planning. I have one LTR in Montgomery, AL that we self manage (2.75% rate, 30yr fixed conventional, cash flowing $300/mo). Tenants are turning in Feb '25 (early termination fun) and the property was placed into service in Jul '24. I have done my taxes on my own for years and want to make sure I'm getting the most bang for my buck when it comes to tax preparation and planning. 

Specifically interested in cost segregation and depreciation techniques for the AL home (It was our primary for 3 years and I'm AD military. We did a lot of work updating it and prepping it to be an attractive rental for students going to Maxwell AFB for professional development tours). I've listened to tons of podcasts and read articles and I think it is time to get a professional involved for the assist. 

I intend to buy an STR in '25 in Navarre/Navarre Beach, FL and think it is time to incorporate a professional when it comes to taxes so I can fully benefit from the law (and various loopholes, if applicable). Also interested to network with folks in the Navarre/Navarre Beach area. We have a home in Navarre and it will likely be our retirement location for a couple of years after '28 when I'm over 20 years of service. Look forward to engagement and recommendations. I am happy to provide more data if needed. Thanks.

-Justin 

[Jason Malabute]

Hi Justin,

Before committing to investing in a cost segregation study, I would recommend doing a year-end tax planning session to evaluate whether cost segregation and bonus depreciation would actually benefit your specific situation this year. While these strategies can be powerful, they aren’t always the right fit depending on your current income, tax liability, and other factors.

I’d hate for you to spend significant money on a study only to find that bonus depreciation doesn’t provide the expected tax benefits this year. A tax planning session can provide clarity and help you make the best decision moving forward.