Looking for a Great real estate Accountant

[rcallstar24]

What are some good questions to ask when meet with accountants to see if they will meet my needs?

[mcwagner]

If I can claim to be a real estate professional, what effect will this have on my ability to deduct losses?

the correct answer: it removes the $25,000 passive loss limit on rental  losses.

What are the pitfalls of grouping rental activities to be considered a real estate professional?

answer: grouping activities to qualify may hinder your ability to recognize prior suspenses losses unless you sell ALL of your grouped interests. (among others...this one is important)

90% of CPA's that don't understand the nuances of real estate tax will get it wrong.

[mcwagner]

Here's another:

How are rehabs and flips taxed?

Answer:  as ordinary business income, subject to both income and self employment tax.  Not taxed as capital gains.

75% of CPA's will get this one wrong.

[BLL]

You should hire Mark. Many on this site do and he knows the RE business well.

[justin0419]

I second BLL's suggestion.  Mark's figuring our taxes now.  He's been a huge help getting our QB Pro program set up properly.  There's good peace of mind in knowing your taxes have been figured properly and your CPA got you every single deduction possible.