All Forum Posts by: Kelly O'Keefe

@Mason Myers

I think some great points have been brought up. Tax professionals can be expensive but pay for themselves in success. That being said I would look into material participation and make sure you are eligible for tax savings based on your W-2 income. If there isn't going to be a significant difference and you feel confident tracking and filing a single property on turbo tax then keep going. You should reach out to a few tax pros from this forum and see what they suggest based on your situation

@Brandon Patrick

if Arv is 800k then it could be a great buy. It looks like there is a fair amount of concrete and brick which may be salvageable after two years, but it is worth getting someone in the know out there to do an assessment 

I like the IRS war stories. maybe add a common mistakes in real estate taxes, or most asked questions. I keep seeing "Can I write off my Lamborghini/dream car" on multiple sites. You could also tackle that one  

Hi @Chris Picciurro

What is the name of the podcast? 

Hi @Soroush Akbarzadeh

If you have completed a cost segregation and are working with a CPA, how come you have struggled to get answers from the CPA? 

Hi @Lilly Fang, 

There are 20+ REI specific tax professionals here who can help if you choose to switch. There is also a "Build your team" drop down above that lists Tax pros associated with BiggerPockets.

If you are beginning to see issues from your current CPA then it may be time to explore a new one. With both of you being W-2 earners it will be hard to claim the real estate professional status, even though you are licensed. The test for REPS is 750 hours and more than half your time. Therefore, If you work 40 hours a week at your W-2 you need 41 in real estate to be substantiated to claim REPS. 

You can still claim material participation and there are other deductions based type of rental as well. The best way to find someone who fits your needs for a CPA is to see who is commenting on similar posts, or ask a specific question and see who has the most knowledge in that field. I would also recommend talking to/meeting with 3 professionals or more to see which one is the right fit for you. 

Best of luck!

Thanks for the post! 

I agree with the above comments. Also, I would say to do your research on the service and company. If you order a low tier company you will save money and get a low tier result. If you are flipping in the same area I may not negotiate at all. Instead I would focus on building strong relationships with the contractors in the area. Over time this will be well worth spending that extra dollar an hour, or a little more on cabinets

In my experience it is always more expensive to do a job twice and fix a mistake than doing it right the first time 

Hi @Dante Ritchey

There is a ton of help on the forum with 20+ pros to answer questions. In regards to advice, it can help to ask specific questions you have them. Also, in my experience I would rather work with a high quality professional who is available to meet via zoom than focusing on meeting in person. 

Best of luck!
 

@Aaron Rosenberg unsurprisingly, @Michael Plaks is entirely right, the losses are not gone. I read this post and also assumed that you are a high W2 earner. In my opinion, if you are making more than 150k and have five properties you could benefit from working with a CPA. Turbo tax is a great program, but it seems like you are at the stage where most investors need a bit more.