All Forum Posts by: Brandy Morineau

I am located in Bluffton SC and looking for a new CPA as my long time CPA passed away unexpectantly this summer.  I would like to work with a US based firm or CPA that can help with:

S corp income

W2 income

Contractor Sch C income

Short term rental income for multiple properties located in South Carolina

Tax planning and partnering with my Portugal CPA as I am considering a move in the next year or two.  Will need help from both my US CPA and Portuguese CPA for strategic tax planning as well as eventually filing both US tax returns (US CPA) and Portuguese tax return (Portuguese CPA) and ensuring alignment for foreign tax credits, foreign earned income exclusions, etc. 

My 2021 taxes have been filed so looking for help with tax planning for 2022 and taking on my 2022 tax return, tax estimates, being the liason for S corp ADP payroll, etc.

Figured it was worth asking on BP!  

Any recommendations would be greatly appreciated.  Thanks.

Brandy

Hi Andrew,

I posted here since this is related to my vacation rental property that I took a heloc out on.  What forum would you recommend since I am new here and is there a way to move the post?  Thanks.  

Brandy

I have done my own taxes for years and am now ready to hire a tax strategist/CPA to help me with my taxes now that I own 2 rental properties.  I would love to find someone local who is a seasoned investor that knows more than I do about rental property tax strategy.  Don't want to waste my time with a CPA who doesn't know much about short term vacation rentals.  Also, do most of you use a CPA that is local or do you use someone out of state if they are highly recommended?

Thanks.

Brandy

I just bought a second rental property in Hilton Head, SC over the summer and could only qualify for an investment loan since this is my 3rd property. I took out a HELOC to come up with the 20% down payment and it is a 10 year HELOC with the 1st year set at prime interest payments. I was however able to get a 30 year fixed mortgage for the remaining 80%.

I am new to Bigger Pockets and keep hearing about BRRR. My goal is to hold this property and use my lengthy experience as a short term vacation rental owner to rent it out, which I am already doing. I am not planning to sell it or flip it, but would like to be able to pay off my HELOC and also buy another rental at some point. Does the refinance make sense in this example? I've only owned since July and the mortgage is at an estimated 70% of the value. What would the fellow seasoned investors here recommend to knock out the HELOC without using my cash flow to do so? I just paid $1700 down in principal on the HELOC and am now wondering if there is a better strategy here.

Thanks.  Brandy

I am looking to buy my second vacation rental property and have come across a rental property that is turnkey and seems like a great deal.  Good rental history, walk to the beach on Hilton Head, fantastic amenities.  Unfortuantely, this is my third property after my primary residence and 1st investment condo, so the only financing I can find so far is two local banks that are offering portfolio loans on a 3, 5 or 7 year fixed interest rate amortized over 20 years at 4.9% interest rate.  How do I figure this into the BP calculator?  Having a hard time figuring out if I can afford this or not?

Meant to say that I currently do not file a schedule C, only a schedule E. Doh!!

I have a vacation rental that I rent out 100% of the year on Airbnb and do not file a schedule E.  I heard the podcast recently about filing a home office deduction for the 8x8 ft office space in my home, but when I try to select the home office deduction in my H&R block software, it prompts for the schedule C?  I currently don't file the schedule C over the past 6 years that I have been receiving rental income and filing a schedule E.  Any suggestions?  Thanks.  Brandy