All Forum Posts by: John Duston

@Enrique Zanabria

Yes, you can but you shouldn't.

Talk to your CPA or find one

@J.C. Martel

Your current CPA is going to have the most intimate knowledge about your situation. It'll cost you a good bit extra to have another CPA get familiar with your personal situation without being able to spread thier costs over multiple tax return bills

@Charyl J. I have had a number of people get analysis paralysis on finding CPAs, real estate agents etc

Bigger pockets is a very good place to start as you're very likely to be talking to someone who specializes in real estate. My advice, take five CPAs give them a call and of those who return your call work with the one you feel the best with and is in your price range.

The great option could be going on extension as then you don't have to worry about this and you also won't be calling CPS during their busy time

@Phil Clark

Depends on a number of factors risk tolerance insurance policies assets that say you're protecting. Only way to get a real answer would be to hire lawyer and CPA. Beware that in California llc's cost quite a bit more than other states so advice from someone in another state likely is not applicable to you

@Ricardo Garcia

Most CPAs on here can handle that return because really only looking at federal taxes. If you can find someone who's a real estate specialist, who you trust with your finances at a price that you're okay with then you have someone

@Brooke Landes

If you get a good in real estate agent, CPA, and property Management, those people should be able to give you referrals to everyone else that you may need.

Closing costs are added to the basis of the real estate.

Expenses paid out of escrow are still expesnes.

Talk to a CPA to get this done on your taxes.

"Best" will cost you A LOT of money. To find a good CPA in your area find investors who are doing what you want to and find out who they use.

I don't believe North Carolina has a complex tax code that differs from federal much so shouldn't be much of a problem to have a CPA that doesn't live there. FL doesn't have a state tax so the question is do you want someone local or are you open to remote CPAs. This site has a lot of good remote CPAs on it.

I'm not a fan of the monthly contracts. Unless there is monthly work, what are you paying for and what am I getting paid for. Sounds like the S-Corp might be the right move for your business but the price for an S-corp is low. Unless you are going to be getting a good bit of consulting it's hard for you to come out ahead with this. Luckily, you've attracted a lot of CPAs to this post.