All Forum Posts by: John Duston

Thanks for the testimony, Jonathan. I will DM James.

@Tim Grich

DM me. I have some colleagues down there ( I'm just up in SB)

@Bubby Bhalla

If you're looking local, look for local investors and see who they use

@Judy Jacobs

Only if your operating agreement says so

@Patrick McMaster

As a CPA, I would advise finding your new CPA before completing the cost seg if it isn't too late. This is so that you can make sure your isn't the right basis number (purchase price + costing costs - loan costs + improvements rather than just using purchase price).

I'd recon most CPAs who specialize in real estate or businesses will be able to correctly treat the STR income and deal with a cost seg. Most common treatment is to treat it like a business =self employment income and then take a huge loss against your ordinary income

Hi Alex,

I think you need to talk to a CA CPA as I don't see nexus being brought up in that question and before you set it up you'll want to make sure you don't have an unknown-unknown problem.

@Jacob Polin

As a California base CPA, I'd recommend looking for the CPA inside California because our tax codes or quite different from Federal. These differences expand to California as well such as the amount of principle you're allowed to claim interest on for itemized deductions, qualified business income deduction, real estate professional status, and bonus depreciation.

@Jeff Lascase

I would say that these forms are a great place to start looking for a CPA. You'll find us commenting on a lot of people's post. Biggest thing is if they'll spend some time to understand your situation and are able to answer a few of your immediate questions as well as are willing to do the return at a price that you're willing to pay.

@Mark Alford

Most CPA's on this form are going to be very experienced in real estate taxes. When you say are section of the tax code or referring to real estate and what specifically are you looking for that your prior CPA didn't give you?

@Allison Black

QuickBooks in a separate bank account will be a pretty good system. The big one is also if you have a property manager who reports the finances to you.

Sounds like you might be constructing two more units on the one that you already have. That would be where the systems will be needed or just someone to look over the transactions at the end of the year to make sure that you can classify them all to get the most benefit.