I am a new landlord. Want to consult a good CPA about tax issues on rental income. This is for Lake county, IL

Question

I am a new landlord. Want to consult a good CPA about tax issues on rental income. This is for Lake county, IL

Answer 1

If you are wondering how to find a good CPA, ask your friends that are also investing in property, or ask your real estate agent, or ask your lawyer, or ask the people you go to church with.

A CPA that you are wanting good tax advice from should be someone local that you can talk with face to face.

Answer 2

The IRS is amazingly helpful.  As a landlord i call them often.  I found that i knew more about the taxes than my accountant.  He didn't own any rentals and had to look up the rules too.  www.irs.gov has all the pamphlets.    I call the IRS help line often 800-829-1040.   The tax law is easy.  You must charge "market" rent to get the deductions.  No funny business of renting to your sister for $1 per month.

Answer 3

and your question is????

good to be proactive on this and get expert advice so that you can keep appropriate records

You don't have to have a cpa, but you need accountant, tax preparer experienced with rental properties, so interview your prospective accountants