Do I do my taxes myself or should I hire an accountant?

[Carlos Gonzalez]

Hello everyone,

Now that is tax season, I have a question related to this topic.

I bought a fourplex via FHA loan and I currently live in one unit, I have been fixing and updating all units so I could rent them out which I have. I have been saving the receipts and invoices from handymen for the tax season just in case such expenditures are tax deductible. In addition, I bought a used truck which I use for the property because I needed one now that I am a landlord; I have also been savings gas receipts just in case this is tax deductible as well. Keep in mind that I haven't opened an LLC just yet, I want to wait until one year has passed that way I can move out from the unit and then rent it out and then the property will be 100% commercial property.

The last few years I have been filing the taxes myself but now that I have bought a fourplex in Phoenix and a truck to help transporting materials from Lowe's and Home Depot to the property I think I should hire an accountant. But before I do that I want to hear from Landlords and other people who have gone through the same or similar road than me so I know what is the best course of action.

Thanks in advance!

Carlos Gonzalez

[Steven Hamilton II]

Originally posted by @Carlos Gonzalez:

Hello everyone,

Now that is tax season, I have a question related to this topic.

I bought a fourplex via FHA loan and I currently live in one unit, I have been fixing and updating all units so I could rent them out which I have. I have been saving the receipts and invoices from handymen for the tax season just in case such expenditures are tax deductible. In addition, I bought a used truck which I use for the property because I needed one now that I am a landlord; I have also been savings gas receipts just in case this is tax deductible as well. Keep in mind that I haven't opened an LLC just yet, I want to wait until one year has passed that way I can move out from the unit and then rent it out and then the property will be 100% commercial property.

The last few years I have been filing the taxes myself but now that I have bought a fourplex in Phoenix and a truck to help transporting materials from Lowe's and Home Depot to the property I think I should hire an accountant. But before I do that I want to hear from Landlords and other people who have gone through the same or similar road than me so I know what is the best course of action.

Thanks in advance!

Carlos Gonzalez

 Carlos,
There are a couple very large threads rolling around with this answer. 

Most of the assistance will come with the advice you receive.

You definitely need someone qualified, does not have to be a CPA, could be an Enrolled Agent or an attorney. Just make sure they specialize in tax and have significant experience dealing with real estate investors.

Here is a great list of questions to ask a potential accountant: http://www.biggerpockets.com/forums/51/topics/70447-questions-to-ask-a-cpa

Also check out the www.NAEA.org page in your search. It should help you find someone local. If someone comes to me, I'll send them your way.

If you need help in your search or want to verify something don't hesitate to ask.

For example: I have clients worldwide and things are just as easy as I e-mail them, talking on the phone. I even use Skype and TeamViewer to communicate with clients so I'd highly recommend looking for one of the best with great references that interviews well with you.

So look for someone you can connect with that works out for your situation.

Feel free to ask here if you have questions