All Forum Posts by: Keith Gilbey

Hello, I'm looking for recommendations for a CPA or other tax professional to prepare my 2022 taxes. Someone familiar with REI, ideally in the Columbus, Ohio area but not required.

Thanks in advance for any advice.

Thanks Kimberly, appreciate your view, I think you're right, this is probably the direction I'm going to go.

I live in the suburbs of Los Angeles where all properties are super expensive, basic 2 + 2 single family residences sell for $500K ++ (that aren't in ghetto areas).  I choose to rent a room in a house as it's a frugal way to live in this area.  That house is going away and I need to decide which option is best for me, I can rent an apartment for $2200-2600 a month or rent a house with a friend for about $2000 a month each, I'd love to house hack a duplex but there are very few available and they are crazy priced.  The other option is to buy a modest 2 + 2 house for about $500K and rent out one bedroom, the stumbling block being the 20% down payment of $100K.

I also own an investment property in Ohio which I've had for about 18 months which after mortgage, tax, insurance, maintenance etc. brings me in a tidy $500 a month.  I bought it for $139K, it's worth around $155K and I owe $98K on the mortgage.  So I'm looking for opinions from more experienced people - Should I sell my Ohio investment property and use the money to buy one here in (way more expensive) SoCal to house hack, even though I'd still be paying half the monthly cost.  I could then start investing again after.

Thanks for your thoughts.

@Jack Smith Thanks for following up on this and asking the question, that’s good to know. I think I have the right form but do you happen to recall what form number the CPA quoted?

@Aaron Zimmerman That's great info and advice, thank you so much.

Hello, looking for some advice.

I live in California and last year purchased a single family rental property in Englewood (Dayton), Ohio.  I went to do my taxes for 2020 and my preparer told me I also have to file a return in Ohio on which I neither owe or get anything as it comes in at a loss due to depreciation.  A friend's tax preparer said that's wrong I don't file in Ohio, and another friend of who also lives in California has owned a similar rental property in Ohio for a couple of years said he's only ever filed in California, not Ohio.

I also just received a letter from the City of Englewood telling me that the rental of property for income within the city limits qualifies for local income tax at 1.75%.

Can anyone provide any insight in this?  Want to make sure I'm doing the right thing.

Thanks.