Good Massachusetts CPA for Real Estate Investors?

Massachusetts Real Estate Q&A Discussion Forum

Good Massachusetts CPA for Real Estate Investors?

Waltham, MA · Member since 2015 · 39 posts · 12 votes

Hi everyone,

I'm planning to open an LLC soon and begin buying and renting out multifamily properties in Massachusetts. I'm looking for a good CPA in Massachusetts that has experience in real estate investing. I'd like to get some tax advice from them. If you have any suggestions please let me know!

Thanks,

-Joe

0 Reply

71 views

Most Popular Reply

Ann Bellamy

Lender · Tyngsboro, MA · Member since 2009 · 3k+ posts · 2k+ votes

10y

Sure @Marta M. . For consultation and tax planning, I use John Hyre in Ohio. He is a real estate investor, real estate attorney and CPA, and speaks nationally on Self Directed IRAs. I have known John for years, but chose a local accountant, partly for local, and partly because I was skeptical about using a selling speaker as my accountant. Once I decided I needed to change accountants, I interviewed John and we discussed my entire financial situation. I was happy with his recommendations. He weighs out the pros and cons of each action with you, and does not recommend expensive asset protection measures if the benefit doesn't out weigh the cost. He is fond of saying: "Don't spend money on asset protection if you have no assets to protect." A very un-guru like position. Even if you do have assets, and the cost is high, such as in NH where the transfer tax is cost prohibitive, he compares the possible benefits to the actual cost.

He has an associate who does the actual return, and with whom he works closely. He sold his tax return part of his practice to Gina Crosby.

Her charge was very reasonable, she was very prompt and she did multiple returns for me. She also issued a multi-page memo when form 3115 (repairs vs capital expenditures) came into effect explaining the ramifications to real estate investors, and whether and how they should file the form (All this was included because you were her client, and she files the form for you.) She answers email questions quickly, and when she sends you the completed return, if you use Quickbooks, she sends the adjusting entries. At no additional charge. In fact, the first time she did my return, she made all the adjusting entries that I had been unsuccessfully asking my previous accountant for, going back to 2008. At no additional charge.

Basically, I am a very happy camper since I switched, and can't say enough good. If you contact them, tell them I referred you. They like to know where their referrals come from.

Disclosure: Since John is a terrific speaker, I have had him speak at Black Diamond. He was not allowed to sell anything, and I received nothing for having him speak. He was so good and so well received we are having him back again this year. He is very frank during his presentation about speaking because he is looking for clients, but who isn't looking for more business?

If you PM me I'll send you their contact info.

3 Reply

See this reply in the discussion

21 Replies

Jump to latestLatest

Sort by

Paul Timmins
Specialist · Rockland, MA · Member since 2010 · 7k+ posts · 2k+ votes
11y
@Joe Rinella
You might connect with Amanda Han who is a real estate CPA active on BP. She is not based in MA but doesn't need to be.
Paul
0 Reply
Mike HurneyPro Member
Real Estate Investor · Boston, MA · Member since 2009 · 2k+ posts · 542 votes
11y
@Joe Rinella
Welcome.
You may want to wait until you've got some Equity. They're not cheap in Mass.
0 Reply
Joe Rinella
OP
Waltham, MA · Member since 2015 · 39 posts · 12 votes
11y
Great, thank you guys. I'll reach out to Amanda.
0 Reply
Rob Beland
Investor · Leominster, MA · Member since 2011 · 1k+ posts · 589 votes
11y
@Joe Rinellakeep in mind MA (all states) has a state specific tax code beyond the federal tax code. I would stick with a CPA in MA and personally would look locally. Talk with local investors about who they use and maybe check with your local chamber of commerce. Good luck. For what its worth I use Henry Kulik. He has an office in Leominster and I think another office in Chelmsford. I have been with him for years.
0 Reply
Joe Rinella
OP
Waltham, MA · Member since 2015 · 39 posts · 12 votes
11y
@Rob Beland Thanks for the info Rob. I'll definitely be speaking with a CPA in Mass.
0 Reply
Ann Bellamy
Lender · Tyngsboro, MA · Member since 2009 · 3k+ posts · 2k+ votes
11y
I disagree with Rob. It's more important that your CPA be very well versed in what you are doing, (real estate investing, buy and hold, flipping, note buying, mhp, or whatever) along with SDIRAs etc if you are doing that.
Once he understands your file and you have his recommendations, its a very easy matter for him to look up the local state regs and statutes. In fact, if he already has MA clients, he's already done that and is familiar with them.
I have gone with local, and I have gone with non-local. Right now I'm with non-local and I am very happy.
1 Reply
Joe Rinella
OP
Waltham, MA · Member since 2015 · 39 posts · 12 votes
11y
@Ann Bellamy That's really good information to know, thank you for sharing that Ann. I have an appointment with a local CPA coming up but I'm planning to get a second opinion so I'll reach out to someone reputable and knowledgable outside of Mass as well.
0 Reply
Marta M.
Investor · Lowell, MA · Member since 2010 · 18 posts · 2 votes
10y
@Ann Bellamy- Would you share who you use?
0 Reply
Ann Bellamy
Lender · Tyngsboro, MA · Member since 2009 · 3k+ posts · 2k+ votes
10y
Sure @Marta M. . For consultation and tax planning, I use John Hyre in Ohio. He is a real estate investor, real estate attorney and CPA, and speaks nationally on Self Directed IRAs. I have known John for years, but chose a local accountant, partly for local, and partly because I was skeptical about using a selling speaker as my accountant. Once I decided I needed to change accountants, I interviewed John and we discussed my entire financial situation. I was happy with his recommendations. He weighs out the pros and cons of each action with you, and does not recommend expensive asset protection measures if the benefit doesn't out weigh the cost. He is fond of saying: "Don't spend money on asset protection if you have no assets to protect." A very un-guru like position. Even if you do have assets, and the cost is high, such as in NH where the transfer tax is cost prohibitive, he compares the possible benefits to the actual cost.
He has an associate who does the actual return, and with whom he works closely. He sold his tax return part of his practice to Gina Crosby.
Her charge was very reasonable, she was very prompt and she did multiple returns for me. She also issued a multi-page memo when form 3115 (repairs vs capital expenditures) came into effect explaining the ramifications to real estate investors, and whether and how they should file the form (All this was included because you were her client, and she files the form for you.) She answers email questions quickly, and when she sends you the completed return, if you use Quickbooks, she sends the adjusting entries. At no additional charge. In fact, the first time she did my return, she made all the adjusting entries that I had been unsuccessfully asking my previous accountant for, going back to 2008. At no additional charge.
Basically, I am a very happy camper since I switched, and can't say enough good. If you contact them, tell them I referred you. They like to know where their referrals come from.
Disclosure: Since John is a terrific speaker, I have had him speak at Black Diamond. He was not allowed to sell anything, and I received nothing for having him speak. He was so good and so well received we are having him back again this year. He is very frank during his presentation about speaking because he is looking for clients, but who isn't looking for more business?
If you PM me I'll send you their contact info.
3 Reply
Brandon Ingegneri
Rental Property Investor · Providence, RI · Member since 2015 · 1k+ posts · 594 votes
10y
I have to agree with @Rob Beland on this one. Boston is so densely populated with financial pros that know what is what specific to the state. When something goes wrong, I want to be able to go see my accountant rather than emailing him in Texas or wherever.
I have a very thorough CPA in RI if you are interested who is familiar with MA tax codes. I have done lots of deals in MA and have always been happy with him. Young guy, aggressive, but very smart about your short and long term tax ramifications.
2 Reply
Candice Cho
Malden, MA · Member since 2016 · 1 post · 1 vote
9y
Hi, can anyone recommend real estate tax CPA in Mass? Thank you!
1 Reply
Peter J.
Investor · Boston , MA · Member since 2017 · 34 posts · 6 votes
8y
@Brandon Ingegneri Thanks for your post!
Would you mind sharing the CPA you use in RI with the familiarity of MA tax codes/ tax law? Any help is appreciated!
0 Reply
Brandon Ingegneri
Rental Property Investor · Providence, RI · Member since 2015 · 1k+ posts · 594 votes
8y
@Peter J. If you would like my CPA please feel free to give me a call or shoot me an email.
Also, I have spoken extensively with @Gary Domermuuth and he may be able to meet your needs also.
1 Reply
Leon Barsoumian
Belmont, MA · Member since 2015 · 1 post · 2 votes
3y
Any recommendation for a real estate tax CPA in Mass?

2 Reply
Stephanie N.
Member since 2022 · 39 posts · 29 votes
3y
Repeat to some other posts here but I would greatly appreciate any CPA recommendations, in or familiar with, Massachusetts. Thanks in advanced!
2 Reply
Linda WeygantPro Member
Investor and CPA · Arvada, CO · Member since 2015 · 2k+ posts · 3k+ votes
3y
Quote from @Stephanie N.:

Repeat to some other posts here but I would greatly appreciate any CPA recommendations, in or familiar with, Massachusetts. Thanks in advanced!

BiggerPockets now has a CPA referral page:
https://www.biggerpockets.com/...
Podcast Guest on Show #244
0 Reply
Basit SiddiqiBusiness Member
Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
3y
Quote from @Stephanie N.:

Repeat to some other posts here but I would greatly appreciate any CPA recommendations, in or familiar with, Massachusetts. Thanks in advanced!

Your profile mentions doing a 'live-in-flip'.

You would want to work with a CPA that is knowledgeable of real estate and also has a good understanding of section 121 which allows you to exclude some gain from the sale of a personal residence.
[email protected]917-280-8544
Basit Siddiqi CPA4.979 Reviews
View Page
0 Reply
Marquise Bailey-Dillard
Member since 2023 · 9 posts · 4 votes
2y
Quote from @Brandon Ingegneri:

I have to agree with @Rob Beland on this one. Boston is so densely populated with financial pros that know what is what specific to the state. When something goes wrong, I want to be able to go see my accountant rather than emailing him in Texas or wherever.
I have a very thorough CPA in RI if you are interested who is familiar with MA tax codes. I have done lots of deals in MA and have always been happy with him. Young guy, aggressive, but very smart about your short and long term tax ramifications.
Hey, I’m looking for a cpa in Massachusetts. Can I have the guy you used in the past please.

0 Reply
Hari Jackson
Member since 2023 · 2 posts · 1 vote
2y
Any CPA recommend in Massachusetts or any positive experience?
1 Reply
Bill HamptonBusiness Member
Accredited Investment Fiduciary, AIF®, Financial Planner, Tax Strategist, Real Estate Investor · Atlanta, GA · Member since 2012 · 2k+ posts · 977 votes
2y
@Hari Jackson

I recommend finding a tax strategist who specializes in real estate taxation. You may want to consider working with your tax strategist remotely to expand your options.

I would also recommend looking for a tax strategist willing to work with you throughout the year, not just when preparing your tax return. You want an accountant who can help you strategize and who is responsive when you want to know the tax consequences of the decisions you are making throughout the year.

Good luck in your search.

404-482-3170
Hampton Tax and Financial Services LLC4.7106 Reviews
Website View Page
0 Reply
Account Closed
Accountant · San Diego, CA · Member since 2019 · 1k+ posts · 552 votes
2y
Quote from @Hari Jackson:

Any CPA recommend in Massachusetts or any positive experience?

If i could chime in and help in the search:
be sure to find an accountant who is willing to grow with you, and is not too high priced fee-wise. Not too low either, you don't want to go with someone who is just focused on price as this is a quality of a not-so-great accountant. Accountants are in such demand, that the best are not even accepting clients half the time.
The other problem I see often with accountants on here is that they specialize in larger investors, and have really high prices when you as a smaller investor do not need all the bells and whistles.
Another thing I see is folks thinking they need to have a tax professional in their state. We as a firm have investors working with us who have rental properties all over the US big and small.
Finding a real estate-focused tax professional and one who can help with advisory and grow with you would be my suggestion to focus your efforts on finding. Best of luck in your search!
0 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.