With my prior experience in performing audits of real estate agents, brokers, and rental real estate owners, I have an intimate understanding of the challenges real estate professionals & landlords experience.
While taking care of their books & tax returns, I make sure to address specific tax & accounting pain points, including:
Proper consideration of Real Estate Professional Status (REPS), including documenting participation in real estate trades or businesses and proper classification of passive and nonpassive real estate activities.
Proper recording, capitalization, and depreciation of real & personal property, including qualified improvement property (QIP) identified in cost segregation studies.
Proper calculation & recording of proceeds, cost basis, and selling expenses of sales and exchanges of real property, including deferred gains from IRC 1031 exchanges.
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