All Forum Posts by: John Duston

How do you and your partner own the property? Tenants in common or partnership? 

The business income from the STR can be split on both returns or put through a partnership return and then to the individual returns depending on how you hold the property.

Depends on what you're looking for. Are you looking for an attorney for leases, entity formation, liability protection etc.

Are you looking for a CPA for real estate, your real estate agent business, or something else.

Do you really want local?

@Gail W.

The LLC won't change the taxes.

I sent you a connection request as the last item is a bit sensitive for a public forum.

I sent you a DM.

Thanks for the recommendation @Justin Phillips

@Lalaine-Datu Villafuerte I see that you recently posted about possibly doing a reverse 1031 exchange on of your condos as well as acquiring a good amount of real estate. I presume that's why you're looking for a CPA?

@Cody Taylor Coppola

A large portion of the CPAs on the site including myself will have good experience with short-term rentals. For the social media niche it's unlikely that you're going to find many that specialize there. For example I specialize in real estate and small to mid-sized businesses but don't specialize in any particular industry for those businesses.

I saw the other comment about retirement plans. I'd recommend just using your 401k and ira and possibly a SEP IRA and not changing that setup until you no longer have W2 jobs.

@Wayne Hogan

Are you specifically looking for a local person or are you open to remote CPAs as Texas doesn't have a state income tax that would require special in-state knowledge?

@Bruce Lesher

Are you looking for someone local or are you open to working with some of the specialists on this site? Since you're in Florida it shouldn't be too big of a deal either way as they don't have state income tax.

@Robyn Smyles

It would be off the adjusted gross income plus the capital gains. It sounds like you were living in the house in order to claim the primary residence exclusion in the past. You should really talk to your CPA about the scenario so that they can give you specific numbers.

the situation is actually pretty simple for most CPAs on this site as or likely going to be well-versed in real estate. @Angel Gonzalez summary is very accurate for what to expect.