What criteria or questions do you ask as a real estate investor when interviewing a CPA? I’m running into not knowing to ask about what I don’t know even though I’ve read quite a bit about about taxes and have done my own prior to starting in real estate. I do everything myself, but I want to step up to the next level. I feel like I’m to the point where There are obviously some very knowledgeable CPAs on this forum, but I’d prefer to work with someone locally. Should the person being local be a requirement?
A CPA is overkill if all he will do is taxes. The value in working with a CPA is offering tax advice that will save you money. Doing taxes is just a convenience because he is already familiar with your situation. If you want a local contact, try a recommendation from a local REIA. Anyone they recommend will have experience dealing with real estate investors.
look for a CPA who is a real estate investor or works with lots of them.
the rules are somewhat specialized for real estate, and a “run of the mill” CPA may or may not be aware of the differences.
working with a guy now who received bad bad advice from a CPA 10 years ago and now it will cost him dearly.
What does “step up to the next level” mean to you? Wouldn’t a successful investor in your area (who might not be a CPA) be the more logical person to do this for you in some sort of mentoring capacity?