All Forum Posts by: John Duston

@Patty Cox are you doing real estate in a c corp??

@Gregg Romig you can write off the interest as it follows the use of the money.

@Joshua Gwaltney

A. No no no no no. Please don't put real estate in an S Corp. It makes basis a huge pain in the but.

The rest I couldn't answer without knowing your personal situation

@Tobias S.

You can buy buy make sure your taxes are in line

@Bobby Balow

Your tax return should have a "Two Year Comparison" take a look at that to see what changed your taxes.

Remember, taxes grow exponentially, not linear. (More income gets taxes and at a higher rate) Just because your tax went up doesn't mean your CPA did anything wrong.

As a CPA myself, my least favorite part of the job it going through the details of showing people why thier taxes are going up and are going to keep going up but I always do it. Ask yours went your tax went up .

@Basit Siddiqi has the right idea. I would get recommendations (or at least ask the CPA for references). Talk to somewhere between 1-3 CPAs to find one you like. If you find 1-3 good CPAs, pick one, they are in high demand. Your CPA will know attorneys and vice versa. I'd ask a few questions that you had, if they have similar clients, and for references. 

PS Depends on your induvial situation on going for the loan or credit first. 

What is your situation like? Is this the first time you're looking to work with a CPA and want a bit of hand holding? Are you buying a rental or two, building a portfolio, or doing complex stuff like cost segregations and 1031s? Need a bit more information to point you in the right direction. 

I'd say it depends on what your future plans are and your personal competence with finances and law. If you just have one rental and only plan on having one to two rentals and are great with finances, you don't need a CPA. If this is the start of an investing career, I'd find a CPA. While it would be a huge added bonus to find a CPA  you can grow with over time, the most important aspect is finding one who know their real estate taxes. 

I know other CPAs in Nevada who deal with real estate and LLCs.  Granted that California has a very complex tax code while Nevada doesn't have an income tax you'll want a California based CPA. What's your personal situation look like because that would affect what kind of CPA you're going to.

@Lachezar Atanasov Hi Lachezar,

Could you share a bit more detail about your situation as I don't think I could point you too the right CPA without knowing more.