All Forum Posts by: Aaron Zimmerman

Mason - there’s a lot of real estate CPAs on here. I’d recommend looking in the forums, asking local FB groups for their recommendations. 

Regarding house hacking, I wrote an article that I think could provide you some value.

You can reach out to the IRS and get your tax return copy from previous year. There will be a fee and id recommend filing an extension for this year. 

I do find it hard to believe that they just lost your return though. If they did, that’s really bad practice management. If they didn’t, then they’re simply not being professional. The carryovers for depreciation and your basis are absolutely crucial. 

Yes it’d be 120 days. You could always offer cash for keys though. 

Some interesting takes in this chat. Very eye opening for the positive. I think real estate will benefit overall. 
1. More favorable tax laws - it’s possible 100% bonus depreciation could be back on the table which makes this a much more desirable asset class. 
2. Still limited supply and there will be higher building costs due to potential tariffs/continued inflation

Offsetting factors:

1. Demand decrease due to crackdown of illegal immigration. Some markets are more impacted than others by illegal immigrants. As others have said, I don’t think this administration will make a meaningful dent in the number of people here. It does Likely reduce the flow of illegal immigrants going forward.  As an example, Chicago probably has a much smaller population % wise compared to Texas or California. 

2, higher for longer interest rates - if inflation continues to remain high (which I think it will with some of trumps policies) 

3. A reduction in the deficit (less government spending means gdp growth will be less) but overall this would be positive for US financial health as we can’t keep borrowing as much and going down this path of higher debt and deficits. 

As a CPA, it's very client dependent. For those with a W-2, perhaps optimizing 401(k), H.S.A. deductions to potentially get tax benefits. For other clients, it's considering cost segregations. Ideally, meeting with clients at least once to twice a year if their situation warrants it, especially if they have real estate professional or STR loophole.

Maurice - there's a lot of great real estate CPAs on here and can service your needs. I'd recommend reaching out to several and seeing who you connect well with. Given the time of year, you'll likely find many CPAs are not accepting new clients.

David - if you’re interested in working with someone that’s not in the twin cities, I’d recommend scouring through the forums and reaching out to CPAs on here. Otherwise, I’d check with local investor groups to see who people use. 

You have to find better deals or overlooked opportunities. I recently acquired a commercial mixed use at a great price and now that it’s fixed up, it’s worth considerably more and cash flowing well. 

You will want to work with a CPA that will walk you through material participation and other requirements. Great record keeping is imperative if you're trying to utilize the STR Loophole.