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Updated about 1 month ago,

User Stats

10
Posts
6
Votes
Dylan F.
  • Real Estate Investor
  • Fort Worth, TX
6
Votes |
10
Posts

CPA for STR Business

Dylan F.
  • Real Estate Investor
  • Fort Worth, TX
Posted

I need a real-estate specific CPA & financial advisor that is familiar with the short term rental business. We need help with bookkeeping, payroll, tax prep, and overall tax strategy for our situation. Our current CPA is a family friend that doesn't live nearby (we are in Fort Worth, TX) - and we have kinda outgrown him to be frank.

Some color on the situation: My wife and I have high income W-2 sales jobs, but we use bonus depreciation from our short term rentals to offset the tax burden. Our short term rental business is setup as an LLC S-corp, and does over $500k/year in revenue between our 5 homes. I use Quickbooks, but I'm not very sophisticated at using it and definitely need some help on the bookkeeping side. I also keep an excel spreadsheet (I'm old school) of our income statement/P&L with all of our expenses broken down by house, so my records are clean. We have 5 homes that need their expenses separated out in Quickbooks (as of now they are all combined under one business), as I do not want to have to keep an excel file anymore.

I also don't feel like we are taking full advantage of our taxes, so would like some advising. I had to advise my current CPA about the STR loophole, so needless to say, I need a more real estate-specific CPA going forward.

I know soliciting on here is not allowed, so please shoot me a dm so I can provide my email. It's not allowing me to post it on here.

Thank you!

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