All Forum Posts by: Chris McCormack

Any time someone looks to employ this strategy I like to recommend a minor tax tip. Remember the IRS has a capital gain exclusion on the sale of your primary residence. To qualify, you have to live in the rental for 2 of the last 5 years. So if you plan on selling the house in the next 5 years you could benefit by staying in it for more than 1 year. You didn't mention anything about selling but always something to keep in mind.

Hey @Marcos Ramon there are a lot of good CPAs floating around the forums. Most are working remotely and can serve clients around the nation. Helps to find one you connect with and who specializes in real estate tax planning

Great share, thanks @Aaron B.

Find yourself the right strategy and you could get it down to 0

I might suggest separate bookkeeping to measure profitability. For taxes, think it makes sense to combine - taxes are complicated enough 

Find someone you can connect with and make sure they specialize in real estate. There are specific strategies that fit your needs and implementing them ASAP is important

Ensure that they provide tax planning services. Tax prep is something you can get a computer to do - tax planning is what you want and is done by a professional.

Questions to ask:

-How often you meet

-Methods of communication

-Specialization / Industries served

Buildium and Appfolio are great options

Amer, just like you can prepare your own taxes you can do your own studies. You just run the risk of audit defense, incorrect calculations and higher taxes. Decision is always yours