All Forum Posts by: Randall Tannen

Hello everyone, 

Every year I keep having problems and issues with the tax person I’m working with it every year I have to find a new one. I have even had situations where I had to amend my taxes because the tax person screwed up. Looking for recommendations for a tax professional in the Phoenix area that is familiar with property, flipping, rental properties, and a construction business.

I hope I am misunderstanding this regarding new tax law in Calirado... sorry I meant Colorado....

"Effective January 1, 2023, single filers are limited to $12,000 and joint filers are limited to $16,000 of deductions. The current standard deduction in Colorado is $12,950 for singles and $25,950 for joint filers. As such, all individuals with incomes over $300,000 will be subject to deduction limitations.

So if a business or landlord has legitimate write offs for their rental properties (for example) Colorado will NOT allow more than 12k or 16k of legal and LEGITIMATE deductions just because that person earns 300k per year?

https://www.withum.com/resources/colorado-state-tax-updates/#:~:text=Effective%20January%201%2C%202023%2C%20single,be%20subject%20to%20deduction%20limitations.

That is INSANITY!!! 

Hello,

I am looking for an investor friendly CPA to help me with the upcoming tax year. I work a full time W2, own two properties and also run a rental car biz. I'm located in Atlanta, GA.

Thanks in advance.

Hello, 2022 was my first year as a Short term rental (STR) investor.

1- STRs are in FL and CA and each have their own LLC. Do I need a FL CPA and CA CPA both ?

2- Any advice on bonus depreciation calculation and best time to take it?

3- recommendations for good CPAs specializing in STRs?

Hello investors, we are about to complete a cost segregation on our property and they're asking for the land vs building value of our property. I know one source is the property tax bill, but the land value is alarmingly high, which leaves hardly anything to put towards the building value. Has anyone successfully used anything else? What about the building value on an insurance policy?

Did anyone here find a good book keeper in the Raleigh, NC who specializes in business/investors books?  We have many companies so need someone who is experienced with a lot of moving parts. 

Have you considered seeking remote accounting services? If so, you’ll open yourself up to a wider group of professionals who can address your real estate accounting needs. Feel free to pm me with any questions.