by Real Estate Tax CPA | Aug 11, 2022 | Real Estate Professional Status
An interesting tax court case from April 2022 shows you must be able to prove you spent enough time on your real estate activities if you want to qualify as a real estate professional. Background of the Tax Court Case Sezonov, TC Memo 2022-40, 4/20/22 First, as a...
by Real Estate Tax CPA | Jul 15, 2022 | Property Management Accountant
There’s a plethora of property management software out there. AppFolio, Buildium, Propertyware, and Rent Manager are some of the most common property management software. If you’re a property manager, you’ve probably undergone some training for one...
by Real Estate Tax CPA | May 19, 2022 | CPA for Real Estate Investors, Property Management Accountant
Are there any loopholes still left in the tax code? Maybe. One potential “loophole” revolves around short term rental losses. As a real estate investor, you know if you have a loss, there are limitations kicked in by the IRS code that determine how much of...
by Real Estate Tax CPA | May 5, 2022 | CPA for Real Estate Investors
First, what is Stessa?Stessa is a free (at the time of this writing) accounting software for rental property owners. Is it a good choice for rental property accounting software?Let’s be honest, accounting for rental properties can get messy. I have seen...
by Real Estate Tax CPA | Apr 25, 2022 | Property Management Accountant
We can help you with your bookkeeping, it should be easy for us! Are you a property manager who needs help with accounting? We can provide all the accounting services you need to keep your business running smoothly. We have experience working with property managers...
by Real Estate Tax CPA | Mar 4, 2022 | CPA for Real Estate Investors
Do you have too many bank accounts or too many properties to deal with? Do you constantly have to transfer from one bank account to another to deal with property issues? Can you figure out how much profit your rentals or flips are making in real-time? Are you...
by Real Estate Tax CPA | Feb 22, 2022 | Real Estate CPA Online
First, what is an ITIN? ITIN stands for Individual Taxpayer Identification Number, and the IRS issues it. The IRS issues an ITIN to individuals who must have a USA taxpayer identification number but who don’t have one and aren’t eligible to obtain a social...
by Real Estate Tax CPA | Feb 8, 2022 | CPA for Real Estate Investors
Cost segregation (or sometimes just ‘Cost Seg’) is a strategy to defer taxes. It does that by frontloading the depreciation deduction for real estate in the early years of ownership. How does the Cost Segregation Study do that? The cost seg study breaks...
by Real Estate Tax CPA | Feb 6, 2022 | CPA for Real Estate Investors
Well, it depends. There is not an answer that will work for everybody. Usually, the framework for this starts with cash flow vs. appreciation. Then the analysis gets more granular and includes things like growing populations, job growth, diverse economies, property...
by Real Estate Tax CPA | Jan 31, 2022 | IRS CPA Help, IRS Penalties
The IRS sometimes requires Form 433-F to determine a taxpayer’s eligibility for specific installment agreements. If you qualify for a streamlined installment agreement with the IRS you won’t have to submit Form 433-F to have your payment plan accepted....
