Real Estate CPA and Tax Accountant Columbus Ohio
Focus on Growing Your Real Estate Business We’ll Handle Your Real Estate Accounting.
Real Estate CPA Services
Real estate is one of the most advantageous asset classes to own because of all the tax deductions the government allows. Your ability to fully benefit from deductions like mortgage interest, property taxes, repairs, and depreciation all depend on proper planning and your real estate accounting. We’ll make sure that you take full advantage of all the tax benefits available to you as a real estate professional.
1. Transaction Planning & Entity Formation; advice on matters of entity structure to minimize taxes when buying, developing, renting, or maintaining real estate properties.
2. Bookkeeping and planning for 1031 exchanges or other tax deferral transactions
3. Financial preparation for equity, debt and loan financing
4. Tax credits and incentives when redeveloping in opportunity zones
5. Cashflow analysis and expenditures to reduce costs where applicable
6. Multi-state tax prep when buying out-of-state
7. Federal tax preparation for owning multi-entities
Managing your Real Estate Accounting with Hogan CPA, a QuickBooks ProAdvisor
1. Accounting for Real Estate Investors and Agents
From marketing to driving expenses while visiting properties, title insurance to property taxes, buying materials to paying your contractors, one real estate transaction can mean hundreds of expenses. We can help you keep your bookkeeping in order and up-to-date, providing you the tools to understand your business financials, where cash is being spent or overspent, and measure profits and losses.
2. Real Estate Tax planning
The secret to reducing your tax liability is proper tax planning under the current tax laws. To optimize your real estate investments, we go above and beyond tax compliance to suggest proactive tax-saving measures like 1031 exchanges or owning multiple entities for different investments. Whether you are renovating homes, managing AirBnB’s, owning rental properties and more, each one of these real estate activities comes with its own tax strategies and your level of involvement will dictate our recommendations and how to reduce your tax burden.
- Selling or listing real estate as an agent
- Fixing & Flipping
- Actively managing AirBnB’s and short-term rental properties
- Actively managing an apartment complex, tenants, renovations, and more.
- Investing in long-term buy & hold rental properties (after renovations)
- Passively owning AirBnB’s with professional property management
- Investing capital in apartment complexes and commercial syndications
3. Real Estate Financial Reporting
With debt being a large part of real estate transactions and funding, we know having accurate reporting can be the difference in securing a deal or letting it slip through your fingers. Hogan CPA Financial Services has the expertise and resources necessary to offer precise and thorough real estate financial reporting, saving you time and allowing you to complete more deals.
4. Cash Management for Real Estate Professionals
Real Estate Accounting Services with Hogan CPA
Pragmatic Tax Strategies for Real Estate
If you are looking to outsource all of your accounting or just one division of your real estate company, our real estate accounting services may be the best option for you. Our real estate CPA will collaborate with you to develop a solution that fits your needs and expands as you grow.
Property Tax Estimates and Real Estate Entities
Most real estate investors begin as single-member LLCs, but as they expand and grow, changing their structure of their business may be advantageous when they reach specific revenue thresholds or when they add a certain number of staff members. Investors can save thousands of dollars in taxes by making the direct transition from LLC to S Corp and adding themselves to payroll. This comes with increased payroll complexity, but outsourcing payroll is a small price to pay for the huge potential savings in entity selection.
We Keep You in Compliance
As a real estate investor and business owner, you must maintain accurate accounting records and be prepared to provide your financial information in the event of an audit. We can handle your real estate accounting to keep your books up to date and ready for any audits.
How we help Real Estate Professionals
Let us help you strategize for taxes and free up your time by taking repetitive tasks like bookkeeping off your plate.
What our Real Estate Accounting and Tax clients are saying
Tax Accountant CPA Real Estate
Schedule an appointment with Hogan CPA Financial Services
For A Complimentary Phone Consultation
Click the button below to call or fill out our form to send an email appointment request and we’ll schedule a time that works best with your schedule.
See our Frequently Asked Questions below for commonly asked questions about our Real Estate CPA services.
Frequently Asked Questions
For Real Estate Investors:
- Mortgage interest: Interest paid on a mortgage for a rental property is generally tax-deductible.
- Property taxes: Property taxes paid on rental property are generally tax-deductible.
- Depreciation: Land is not depreciable, but buildings and other improvements are generally eligible for depreciation deductions.
- Repair and maintenance expenses: Expenses related to repairing and maintaining rental property, such as painting, repairs to appliances, and landscaping, are generally tax-deductible.
- Travel expenses: If you incur travel expenses while managing your rental properties, such as travel costs to inspect the property or meet with tenants, these expenses may be tax-deductible.
- Professional services: Fees for legal, accounting, and other professional services related to your rental property may be tax-deductible.
For Real Estate Agents:
Being an agent, you may be your own boss but in terms of deductions, it is very similar to a W2 wage because you are being paid out of the proceeds of the sale in one lump sum, similar to a paycheck. There are deductions for expenses like travel, professional services, and marketing like mentioned above.
The investor must identify the replacement property within 45 days of the sale of the original property, must also provide written notice to the buyer of the original property that a 1031 exchange is being conducted, and acquire the new property within 180 days of the sale of the original property.