Chris Shon
Do I need a Real Estate Tax Accountant?
10 January 2025 | 16 replies
Bigger Pockets is a great place to find a real estate tax accountant.A good real estate accountant can save you thousands of dollars by leveraging entity selection and formation, tax deductions, cost segregations, bonus depreciation and tax planning.I recommend finding an accountant who specializes in real estate taxation, business taxation, financial planning and tax planning.You may want to consider working with your accountant remotely to expand your options.I would also recommend looking for a accountant willing to work with you throughout the year.
Troy Smith
CPA tax advice.
9 January 2025 | 11 replies
You cannot deduct your rehab costs until the property is in service.
Heather Bailey
Insuring your House Hack
13 January 2025 | 6 replies
This protects against potential claims and liabilities specific to the rental.For tax purposes, maintain clear records of rental-related income and expenses, allowing deductions for insurance, utilities, maintenance, and depreciation proportionate to the rental unit.
Jackie Paugam
Possible Tax Exemptions w Renovation a House
13 January 2025 | 2 replies
all materials, all labor costs to others, Not you, utilities, interest payments, permits, licenses, auto/truck expenses, tools needed are all deductable.
Reyna Ayala
How many bank checking /saving accounts are needed as a first time landlord
8 January 2025 | 10 replies
My main account has all the rents deposited and all expenses deducted such as mortgages, some utilities and an electronic payment app connected to the account to pay contractors.
Pixel Rogue
Unique damages from exiting tenant…
30 December 2024 | 5 replies
Windows are expensive to replace.4) Glue Residues - Lease is very specific for no double-side tape or adhesive (ie 3M pull tabs ok, but not double sided tape.)
Derek Buehner
Tax deductions on a remodel for a future STR while living in it.
16 December 2024 | 8 replies
It seems that investing in improvements while I still live in the home wouldn't be tax deductible.
David Woodside
500 hour rule - material participation
15 January 2025 | 12 replies
CPAs often advise against pursuing this designation unless the time commitment and documentation are robust, as failing to qualify can result in IRS audits or penalties.The 500-hour rule pertains to material participation in specific real estate activities or businesses.
Vivien H.
Looking for a Tax CPA: Expertise in US & German Tax Law, Real Estate, Mixed Income
18 January 2025 | 2 replies
Requirements:✔ Experience in international taxation: Understanding of the Germany-USA Tax Treaty and cross-border income taxation✔ Specialization in real estate: Tax treatment of rental income, depreciation, tax benefits, and investment deductions✔ Tax optimization strategies: Maximizing deductions (e.g., business travel, home office), optimizing mixed-income structures✔ Long-term tax planning: Strategies to reduce tax liabilities and avoid unexpected tax payments✔ Proactive advisory & clear communication: Ability to explain complex tax matters in simple terms and provide proactive tax-saving solutionsAdditional Considerations:Expertise in tax treatment of travel to Germany (e.g., for real estate management)Experience with compliance in both countriesIf you meet these qualifications and are interested in working together, or know someone who meets our requests, please send a message.
Jeffrey A.
Should I use a HELOC for first my first flip or find other means?
12 January 2025 | 10 replies
As both an investor and a mortgage broker who has personally used both options, I can say there are benefits to each.It ultimately comes down to comparing the two side by side based on your specific situation.