All Forum Posts by: Wayne A. Scully

Good luck @Amanda George!

Hi there! I'm a CPA and tax strategist who works with real estate investors. While it's not strictly necessary to have a CPA before starting out, having one can be beneficial in ensuring you're setting up your finances and tax strategy correctly from the beginning. A CPA can help you:

* Set up your accounting system and chart of accounts

* Advise on entity structuring and tax implications

* Review your HELOC and financing options from a tax perspective

* Plan for future property purchases and tax optimization

That being said, if you're just starting out and have limited resources, you can still begin investing without a CPA. However, as your portfolio grows, a CPA becomes more essential to ensure tax compliance and optimize your returns.

Don't worry about finding a RE CPA to work with right now. Focus on getting your first property and gaining experience. As your business grows, you can seek out a CPA with real estate expertise to help you scale. Good luck with your first purchase!

You may as well throw all names in a bag and pick one - everyone here is good.

Please let me know if you need my assistance. I am a strategist focused on tax planning and tax resolution. And, yep, I prep taxes too...Good luck!

Hey fellow BiggerPockets members!

Have you heard of the "Augusta Rule" or the 14-day rule when it comes to renting out a portion of your primary residence? This tax provision allows homeowners to rent out their space for up to 14 days per year without reporting the income or paying taxes on it! 💸

This can be a great opportunity for homeowners to host meetings, events, or short-term rentals without the burden of additional taxes. Just remember, it's important to keep track of those days and ensure you're within the 14-day limit. 📆

Have any of you taken advantage of this rule? Share your experiences and questions below! Let's discuss how to make the most of this tax benefit. 💬

A reliable QI is crucial for a smooth and successful exchange. Share your experiences and recommendations for Qualified Intermediaries who have helped you navigate the 1031 exchange process.

Let's help each other find the best partners for our real estate investing success!

I am new here, but I agree with all previous comments. Just to add, it is imperative (not required, but highly recommended) that taxpayers document hours in a log re. spent managing the properties on a CONTEMPORANEOUS basis. In the past, the courts have frowned upon the use of "guesstimates."