All Forum Posts by: Jake Hottenrott

Tax Depreciation is based on actual cost/investment, not hypothetical value after completed renovations.  You said it right when you said that your first priority should be profitability and not taxes, but if you aren't careful and don't have someone helping you plan you will lose a lot of profitability.  Schedule a consult or two with a CPA and get ahead of any questions/issues you may have. 

@Nicholas Stolfa Ryder - you don’t pick anything.  You talk to your attorney and your CPA and let them guide you.  Pay pros to do pro things.  Its the fastest way to wealth.

@Jessica Johnson I’ll second or third or fourth @Steven Hamilton II

@Craig Dieterich - I like @Cindy Bacigalupo's comment.  Talk to a CPA, figure out your plan, work with an attorney for entity set up (if you need it, when you need it and how you need it) and don't plan for today, plan for tomorrow!

@Paige Kuhbacher and @Ravi B. Your local accountants are correct, there isn't anything "special" about the day to day expenses and deduction for a real estate investor. The big secret is how a real estate focused accountant can help your investment structure and the upfront strategy (and ongoing proactive strategy) and time to develop a cohesive plan that maps out a personalized plan. Most tax pros have cut their teeth solely on rear facing compliance that takes what you did last year and put it on paper to report to the government vs working with you during the year to have a plan that minimizes taxes in the short term AND near term. Find someone that does the latter, it'll cost more but it will be a much higher long term ROI.

@Artem Belayev - Reach out to @Natalie Kolodij and see if she has any room for 2020 Tax Strategy.  She may be across the country now but she started her firm in WA so I know she has experience in that area.

@Quintin Green - I'd recommend a CPA that specializes in real estate AND that you can communicate well with.  Someone who is willing and wanting to work through strategy with you and not just end of year compliance.  Best of luck getting going!

@Lauren Egan @Natalie Kolodij is right in Charlotte if you want to reach out to he to see if she’s still taking new clients.

@Lincoln Huefner - @Natalie Kolodij is in the NC market. Not sure if she’s taking clients but it’s worth a mention.

@Jarred G. - If they work anything like my requests to get logos and designs made.... please... don't... save your CPA next year from trying to figure out what they did.   I'd recommend finding a bookkeeping service that could do this quarterly or semi annually for you if you just have a few units.  Lower frequency should cut down on costs.