That sounds like a smart move, especially with the tax benefits!

I’m looking for a real estate friendly CPA in the Central Valley California area (Tracy, Lathrop, Manteca, Stockton, Lodi, Modesto, etc) to help me with my 1st year of filing taxes for my LLC, taxed as S-corp.

Tax RepercussionsKeep in mind that every real estate market is different, so you need to adjust your strategy to the particular circumstances of the region you are investing in.

How many of you have got your tax bill for this year?

My formula is not complex... something like this:High school rating > 8"(Estimated Rent x 12) - HOA - Prop Tax - Insurance @ 0.3% - Vacancy @ 5% of rent - Debt Service @ 8%" > 0I want to be able to customize the metrics, and find properties I can purchase as an investment.If anyone is an avid user of StockRover and their custom metrics, that is exactly what I am looking for - but for real estate. 

You can summarize your transactions yearly by SchE tax category to support tax filings.Hope that helps. 

I am self employed and run a trucking company so I write off my income to pay as little tax as possible.

Does anyone know what you have to do on a tax return if the assets were incorrectly entered for a rental unit that actually belongs on another rental unit? 

Definitely worth chatting with a tax pro to make sure you're set up in the best way possible.

Discord is a chat service that is essentially invite only and allows for both text chatting via customizable channels plus impromptu and scheduled voice/video/screenshare calls.