Great article about why it's important to find a CPA or tax preparer who specializes in rentals, real estate, etc. You often hear people touting "but my CPA said this" - but CPAs don't know every single line of tax code. Does your tax advisor give you a spreadsheet to keep track of depreciation for the different purchases for your rental? Does he/she help you plan for the future and ask about any changes in life circumstances? Does that person explain about the cost basis of your home, and what is considered a repair versus improvement? Share your experiences.
Story From a CPA: The Time an Investor Paid a $96k Tax Bill He Shouldn't Have
By Carl
This article is an excerpt from The Book on Tax Strategies for the Savvy Real Estate Investor by Amanda Han and Matthew MacFarland. Pick up a copy from the BiggerPockets Bookstore! There is no such thing as a "tax guru." In other words, no one single person in the United States can claim to know everything about the U.S.
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