What tax professional do I need to work with?

[Brian Newyear]

Hello everyone, I am new to this forum and hoping to get some help to point me in the right direction.  I have one rental property which is designed for long term rentals.  My current tenant signed a 3 year contract.  My question is what type of tax professional do I hire in order to help me qualify my rental property as a business?  Am I looking for a tax strategist, CPA, or who specifically?  I plan on acquiring more properties and growing from here, but I just want to get set up with someone who can help me grow this as a business entity rather than as an investment. 

Thanks for your help!

[Natalie Kolodij]

A lot of people think of real estate this way. 

That they need someone to help them "make it a business" and want an entity to "operate a business". The truth is you either are or aren't a business either way. 

A business for tax intentions is defined in code section 162-and is basically the continuous and ongoing involvement for profit. 

Almost all rentals are technically a business, and your rentals are allowed to deduct the same qualifying business expenses with or without an LLC or an entity.

That being said I do understand what you're saying which is that you're looking for someone to help you treat this like a business-get all your ducks in a row, grow it, etc. 

The license IMO isn't the biggest factor at all. I have clients who are CPAs and pay me to do their taxes. 

The most important factors: 

-They are real estate specialized 
-They have an actual history/ foundation in tax. Looked into someone's history/look on linked in. Many people just "start doing tax" or buy a tax firm and then copy+repeat the same information they hear actual experts talk about without actually knowing any of it themselves. Social media has unfortunately made it way too easy to present as an expert even when someone isn't. 
-They focus on tax planning/strategy and not just tax filing.