RCRE - Tax Time with Tom Castelli, CPA

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 document your income and expenses

Be proactive with your accountant

Expert Pro Tip: Engage your CPA for tax planning service

Contact Information:


Tax and Legal Summit February 29-March 1, 2020

50% off tickets with “Jake&Gino”



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