77: CPA Answers Depreciation, House-Hacking, and Rookie Tax Questions

Real Estate Rookie

Amanda Han is a familiar face to the BiggerPockets audience. She’s been featured on the BiggerPockets podcasts before and has written multiple books published by BiggerPockets (The Book on Tax Strategies for the Savvy Real Estate Investor & The Book on Advanced Tax Strategies). Amanda has worked with lots of real estate investors and invests in real estate herself, so she’s answering some common questions that rookie investors have about taxes.

We run through a mix of topics such as deductions, depreciations, home-office write-offs, expenses, legal entities, and when you should get a CPA. Amanda also talks about some of the most common deductions that rookie investors miss. She also talks through different software for tracking your business expenses, recording your mileage, and keeping your business finances up to date.

It may seem like a lot of information to keep track of, especially when you’re in the middle of a rehab/flip or even just managing your rental. Amanda stresses how important it is for you not only to find a high quality, real estate friendly CPA, but also that you keep them in the loop. If you’re thinking of buying, selling, or transferring property, it’s incredibly important to keep your CPA notified on all things related to your real estate business. That way, you keep more money in your pocket and are able to grow your portfolio even faster!

In This Episode We Cover

• The most common tax mistakes that rookie investors make
• The best way to track your expenses (and your different options)
• When you should consider, interview, and hire a CPA
• The best questions to ask a CPA if you’re interviewing them
• Home office deductions, mileage deductions, and more
• When the best time to form a legal entity is (if needed)
• What to write off when you’re house hacking
• And So Much More!

Links from the Show

• Real Estate Rookie Facebook Group
• BiggerPockets Forums
• Ashley's Instagram
• Tony's Instagram
• Quickbooks
• Excel
• Appfolio
• Buildium
• Rookie Podcast 75: From Working on Oil Fields to Passively Investing in Real Estate with Travis Watts
• BiggerPockets Pro and Premium Membership
• BiggerPockets Pro Perks (Exclusive deals like Amanda's Course)
• Jumpstart Your Tax Savings as a Real Estate Investor

Check the full show notes here: http://biggerpockets.com/rookie77

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