All Forum Posts by: Juan Antonio Villagomez

Thank you everyone for the insights and recommendations! I appreciate this! This community is awesome. I cant wait to continue learning from you all.

Hey Markus! I like your approach. I generally side on outsourcing, but the 8k I was quoted made me think twice.

Hello,

I purchased my first rental property last year and rented it out for 10 months. Up until now, I’ve always handled my taxes through TurboTax since I receive a W-2, making the process straightforward. However, I realize that rental property taxes come with many nuances, and I want to ensure I’m maximizing tax savings while staying compliant.

I’d love to hear recommendations on the best approach to tax preparation for my rental property. Specifically:

• Should I continue doing my taxes myself and take the time to learn rental property tax rules?
• Should I work with a specialized accountant? I received a quote in Southern California, but it requires year-round accounting at over $6,000 per year.
• Would a general tax professional be sufficient, or would I risk missing out on significant savings?

When I first bought this rental property, I wasn’t aiming to become an expert in real estate or accounting—I was simply looking for a passive investment. However, if gaining expertise in these areas is essential for long-term success, I’m open to learning.

I appreciate any insights you can share. Thank you!