@Elizabeth KingYour accountant is wrong.

Proc. 2002-69, 2002-2 C.B. 831, for special rules applicable to husband and wife state law entities in community property states.I'm happy to answer or confirm any tax/accounting questions if you'd like

@Steven HsuBigger 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.

At this time I do not have any money in an IRA its in an account provided by my employer.

DM me, and I will send you contacts for attorneys, lenders, and accountants they have previously used.

Posting goals here on this thread can help to act as a form of accountability. 

We all do the same thing, we just call ourselves different names and carry similar but different licenses:- CPA - Certified Public Accountant- EA - Enrolled Agent - Accountant - Tax advisor - Tax strategist- Tax consultant - Tax plannerIt all means basically the same.

Take into account your mortgage, a property management company and other expenses and you are lucky if you net $300. 

In addition, all Rent payments hereunder not made within five (5) days of the due date shall bear interest at the rate of one and one-half percent (1-1/2%) per month"The monthly rent is $1550 so the late fee is easy - I've set the account to charge 5% if the rent isn't received within the 10 days stated ($77.50).

@Hellen Sut in Michigan, once we have a money judgment, we try to garnish: wages, bank accounts and their state tax refund.