Wheelbarrow Profits Podcast: Multifamily Real Estate Investment

Mike Taravella interviews Tom Castelli, CPA  from the Real Estate CPA to discuss tax time, what to look for a CPA group, and the importance of having clean books. Key Information: Find a CPA has experience with real estate specialization and have the same value based system Understand the fee structure because it could be hourly or certain fee structures Look to engage a new CPA before year-end Do your bookkeeping throughout the year, not just at the end of the year As a real estate syndicator make sure you have your K-1s by March 15 so investors can file their taxes by April 15 More sophisticated groups will have K-1s issued by March 15 K-1s are an investor’s portion of the profit/loss and distributions for a particular process A great CPA will allow you to continue to apply offense in finding new deals, while they are playing defense You need tax returns from last 2 years before being a General Partnership Can take deduct W-2 income if you are a “real estate professional” Always have an audit trail and docu