All Forum Posts by: Michael Plaks

3) Unless you're doing a 1031 exchange  at the end or similar tax structure to defer taxes, you will have to *pay back* all that depreciation benefit at the end (on sale...which for you is in 5 years)  via depreciation recapture. You're not taking that into account in your calculation.

It’s more complicated then I thought to find a Real Estate CPA 🙂‍↕️

I recently bought my first property and would like to squeeze out all the RE benefits possible from that. Im currently running a couple of businesses and would like someone that could help me get the most out of tax season. 

Good evening! 

I currently employee an accountant ($4,000/year) that has done incredible work for me. He has helped save me tens of thousands, if not a hundred thousand dollars in taxes over the past four years. However, I am now looking to partner with a tax strategist that will be a bit more hands on with my finances, giving me guidance throughout the year (i.e. looking into the future and helping me strategize by giving advise on investments, etc. to help reduce my tax liability) and also someone who specializes in accounting and has all of the correct certifications. I have many mentors who are light years ahead of me who spend $30k-$40k a year for this. At this point, that is a little too steep for me, but trying to find a happy middle ground. Any advise?

Would love a new CPA in Idaho. Last tax guy messed up a lot and I caught a lot of his mistakes. We have two rentals rent by room and a househack duplex. We also have a finish carpentry business. Does anyone in the Boise ID area have any recommendations?

Hi Michael,

I decided to move and rent out my old property this year so I am interested in going to a CPA for the first time. Other than the 1 property I am renting my family's taxes are pretty straight forward with a couple W-2 and no LLC, so when I got the $1,700+ quote for tax preparation it seemed a bit much. Do you still recommend using a real estate CPA or is their tax professionals that specialize in the more simple investor situations like mine?

Actually, I think you missed my point. There is a difference between delivering a baby and being pregnant.
The doctor delivers the baby. For some women, doctor is not required, they drop it in the field. But, still mom doesn't know squat about delivery. Only the doctors many of whom have never been pregnant know anything about delivery. On the other hand, the midwife or pregnancy nurse counsels the pregnant woman. And, I think most women would choose a midwife that has gone through pregnancy.
Like the OBGYN situation, there is a lot a CPA may not know about the rental business from debiting and crediting some journals and filling out line 242 on some Turbo Tax input form.

And, understanding the operating details of the rental business are just as different from preparing a tax return as being pregnant is from delivering a baby.