CPA Considerations for Unmarried Couple with Co-Owned Investment Property

[Lauren Purcell]

Hi all!  I am a very new Chicago-based investor who just purchased my first rental property (two-unit) with my boyfriend; we plan to occupy one of the units and rent the other.  

Since we are not married and do not file taxes jointly, I am just wondering if there are any special considerations or specialties I should look for in an accountant/tax advisor/preparer, on top of ensuring that they are REI-friendly. Each of us makes a typical W2 income in IL, and this would be our first investment outside of some stocks, employee-incentive shares, and retirement accounts.

I am not sure if this sort of situation would be too complex to be handled remotely, or if we should really be looking for someone with whom we could meet in person in our area.  Any advice or referrals would be very welcome!  

Lauren

[Blake Alan Quarrie]

This situation could definitely be handled remotely, but I would still recommend going with an Illinois-based CPA since you'll have to file a state return as well. As far as the selection goes, I would recommend interviewing them, and asking what types of returns they typically handle. Presuming both your names are on the mortgage, I would advise you to seek out a CPA that specializes in both REI and partnerships.