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All Forum Posts by: Nate Meeker

Nate Meeker has started 3 posts and replied 512 times.

Post: To hire an accountant or cpa

Nate Meeker
Tax & Financial Services
Posted
  • Real Estate CPA | California
  • Posts 518
  • Votes 242

@Ahmad Moore Based on the info you provided, a CPA who specializes in real estate would get you the most bang for your buck. 

Here's the difference between the two - a CPA typically has to have a bachelor's degree in accounting and masters level of education then pass a series of difficult accounting exams, while an accountant may have zero qualifications; this could be your local bookkeeper who learned everything on the job.

There is also an Enrolled Agent. They specialize in tax, but the barrier to entry is much lower than a CPA, so they might not have the same level of expertise in complex matters. However, there are some EAs that are better at tax then CPAs.

Like any trade, you need to get a few quotes, ask what they specialize in, and see if you are a good fit.

Best of luck in your search!!

Post: Real estate CPA

Nate Meeker
Tax & Financial Services
Posted
  • Real Estate CPA | California
  • Posts 518
  • Votes 242

@O'Shane Clarke congratulations on your real estate journey! There are a lot of CPAs out there. Just something to consider would be to find a CPA that specializes in real estate so that they can best assist you with any tax saving strategies. Also, if you are willing to hire someone remotely, you should be able to find even more options. 

Good luck!!

Post: New investor looking to purchase out of state

Nate Meeker
Tax & Financial Services
Posted
  • Real Estate CPA | California
  • Posts 518
  • Votes 242

@Noah Chiero welcome to the world of real estate! I am from SD as well and purchased my first rental out in Florida during 2020 and it was the best decision I could have made as the market out here in SoCal is difficult to break into. I have had a lot of success out in Florida; own three homes now!

You are doing great so far. Just keep looking for a deal!

Post: Real Estate Planning

Nate Meeker
Tax & Financial Services
Posted
  • Real Estate CPA | California
  • Posts 518
  • Votes 242

Sounds like you need a new CPA. It is very rare that it would make sense to put a rental into a C Corp. If I were you, I would talk to another CPA (who specializes in REI) or a real estate attorney. Be careful with gifting a property - his tax basis will transfer to you.

Post: Need a real estate CPA? Attorney? to sell a house

Nate Meeker
Tax & Financial Services
Posted
  • Real Estate CPA | California
  • Posts 518
  • Votes 242

@Jen Breysler it wouldn't hurt to talk to a CPA that specializes in real estate so they can provide you with the best strategy based on your specific situation. As a few others have mentioned on here, the location of your CPA is not as crucial as their expertise regarding REI. If I were you, I would reach out to a few and use the one that best aligns with your goals.

Post: Need some BIGGG Tax Breaks

Nate Meeker
Tax & Financial Services
Posted
  • Real Estate CPA | California
  • Posts 518
  • Votes 242

@Thomas Talbert first off, congrats on your business's growth! Secondly, do you already have a CPA? If so, I would consult with them. If not, I would find a CPA that specializes in REI so that you can collaborate to create a tax planning strategy.

Post: New Fix and Flipper Seeking Attorney/CPA

Nate Meeker
Tax & Financial Services
Posted
  • Real Estate CPA | California
  • Posts 518
  • Votes 242

@Sasha Josephs as far as a CPA, they do not need to reside in the state you live in. Most CPAs are qualified and have enough knowledge to complete returns regardless of the state they live in. What's more important is their experience with real estate. 

Good luck and happy tax season!

Post: Is using Turbo Tax ok for rental properties

Nate Meeker
Tax & Financial Services
Posted
  • Real Estate CPA | California
  • Posts 518
  • Votes 242

@Fred Kahn If I were you, I would definitely talk to a CPA. Turbotax is a great resource for simple returns. However, I can't tell you how many clients come to me having used Turbotax and they either had errors on their returns or missed out on thousands of tax savings. 

A quality CPA (one that specializes in real estate) should save you more money in the long run than they cost you.

Post: Looking for CPA to help with Taxes.

Nate Meeker
Tax & Financial Services
Posted
  • Real Estate CPA | California
  • Posts 518
  • Votes 242

@Bernard King Yes, it definitely seems like you and your real estate portfolio may benefit from a CPA. Are you willing to work with a CPA remotely? It is far more important that your CPA has real estate knowledge, as you mentioned, than their location as they should be able to file your return regardless of you State.

Best of luck and happy tax season!

Post: Looking for Tax Advice

Nate Meeker
Tax & Financial Services
Posted
  • Real Estate CPA | California
  • Posts 518
  • Votes 242

@Brice Alef congrats on starting your REI journey! I began investing in real estate in 2020 and it has been the best decision I have made.

As far as CPAs, are you willing to work with one remotely? If so, it really does open up your options as you would most benefit from a CPA who specializes in real estate. If I were you, I would reach out to a few and pick the one that best aligns with your goals. 

Good luck!