Needing a real estate cpa

[Keith Sehi]

I am looking for a cpa very knowledgeable in real estate so I can get the absolute most tax benefits. My current cpa just seems to know the basics and I don't wanna miss out on every deduction possible. I would be fine with an online cpa or if I can get recommendations of one around the central/southern Illinois area that would be great too. Thanks!

[Sasha Mohammed]

i highly recommend @John Duston but i don't think he could do taxes in Illinois. He may have a counterpart who can help you. 

[Michael Plaks]

@Keith Sehi

You're asking this question on a forum that features 20+ tax accountants specializing in real estate. 

Browse the forum, find people you want to work with and contact them. All of us work with investors nationwide.

[Zachary Jensen]

If i could chime in and help in the search:

be sure to find an accountant who is willing to grow with you, and is not too high priced fee-wise. Not too low either, you don't want to go with someone who is just focused on price as this is a quality of a not-so-great accountant. Accountants are in such demand, that the best are not even accepting clients half the time.

The other problem I see often with accountants on here is that they specialize in larger investors, and have really high prices when you as a smaller investor do not need all the bells and whistles.

Another thing I see is folks thinking they need to have a tax professional in their state. We as a firm have investors working with us who have rental properties all over the US big and small.

Finding a real estate-focused tax professional and one who can help with advisory and grow with you would be my suggestion to focus your efforts on finding. Best of luck in your search!

[Jonathan Klemm]

Hey @Keith Sehi - For some good Chicago CPAs connect with @Aaron Zimmerman or @Steven Hamilton II.  I have another awesome CPA that is also local to Chicago.  He isn't on BP so if you want his info I can send it to you directly.

[Aaron Zimmerman]

@Jonathan Klemm thanks for the shoutout! Happy to help answer whatever questions you have. At this point, what’d be best is for you to file an extension until after the tax deadline and then find a cpa 

[Bill Hampton]

@Keith Sehi

I recommend finding a tax strategist who specializes in real estate taxation. You may want to consider working with your tax strategist remotely to expand your options.

I would also recommend looking for a tax strategist willing to work with you throughout the year, not just when preparing your tax return. You want an accountant who can help you strategize and who is responsive when you want to know the tax consequences of the decisions you are making throughout the year.

Good luck in your search.

[Noah Bacon]

Hi Keith!

Have you tried looking at BiggerPockets Tax & Financial Services Finder?

Easily Find Trusted Tax and Finance Experts in a matter of minutes! You'll get:

• Investor-friendly expertise that makes real estate finance feel like a breeze
• Peace of mind from peer ratings, reviews, and level of expertise
• Simple, easy search that helps you find what you need (even if you're uncertain)

Hope this helps, and please reach out with any questions you may have!

[Basit Siddiqi]

I was reading through your other biggerpockets posts and it appears that you are involved in short-term rentals

While there are many similarities from a tax persepctive between STR and LTR, there are some differences.

The main thing you want to discuss is whether the STR is considered active or passive. If it is considered passive, you can potentially offset the rental loss with your other forms of income.