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Updated almost 8 years ago,
Do I do my taxes myself or should I hire an accountant?
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