Best Local CPAs

[sleuth]

Who are the best local Certified Public Accountants (CPAs) in the So.Calvert/LP/California/Hollywood area for tax preparation?

I want someone who has experience with people who rent out portions of their private residences.

 

[DoWhat]

Askey & Askey
Leonardtown.

 

[STL_RAMS]

Do you have to claim income from the rent money you get from someone living with you?

 

[sleuth]

Do you have to claim income from the rent money you get from someone living with you?

You're supposed to.
Typically, if you figure in depreciation and expenses in the house when you have a renter, you usually end up having a net loss for your home (although by my understanding, you can't claim a net loss if you live there - you basically claim net income of zero) and it all balances out. You *probably* won't actually owe any taxes out of that income from your renter.

 

[sleuth]

Askey & Askey
Leonardtown.

Someone suggested Askey & Askey last year, but I couldn't remember the name. Thanks.

 

[DoWhat]

Thanks.

YW
They did my taxes last year and they did a great job.

 

[willie]

How much $ are you going to rent this portion of your home for? What % of the house will be rented?

 

[vraiblonde]

Murray & Wamsley in Lexington Park

 

[sleuth]

How much $ are you going to rent this portion of your home for? What % of the house will be rented?

50%.

We each had a bedroom & bathroom... and the rest of the house was common space.

 

[willie]

50%.

We each had a bedroom & bathroom... and the rest of the house was common space.

Depending on the rent this may benefit you but I sort of doubt it's worth the hassle. Depreciation isn't all it's cracked up to be, it has to be repaid unless you're going to die there. Even if your personal taxes are somewhat complicated, Turbotax is simple and you can use it to see if this venture will profit you. If you are trying this hard to make a buck, a CPA is the last thing you need. Turbotax will tell you everything you can and can't do. If everything is according to the book, why pay for a CPA?

I've heard the argument about negative cash flow since forever and it never made sense to me. Negative cash flow sux.

Remember also, you cannot depreciate property, only the building.

 

[sleuth]

Depending on the rent this may benefit you but I sort of doubt it's worth the hassle. Depreciation isn't all it's cracked up to be, it has to be repaid unless you're going to die there. Even if your personal taxes are somewhat complicated, Turbotax is simple and you can use it to see if this venture will profit you. If you are trying this hard to make a buck, a CPA is the last thing you need. Turbotax will tell you everything you can and can't do. If everything is according to the book, why pay for a CPA?

I've heard the argument about negative cash flow since forever and it never made sense to me. Negative cash flow sux.

Remember also, you cannot depreciate property, only the building.

By law, the house has to be depreciated if you claim rent income from a tenant. I've been trying to use Turbotax to get this done, but quite honestly, it doesn't seem to calculate it correctly when you're talking about renting out a portion of your residence. And if it is, I'm not sure that I'm doing it right and so.. I don't feel comfortable using my work.

It's not so much that I'm trying to make a buck, either (although it would be nice). What I don't want is to owe. And what I don't want is to get audited or break the law in any way, shape, or form.

Security clearances are not a good thing to lose.

 

[Oz]

Murray & Wamsley in Lexington Park

You can only depreciate the square footage that the renter rents. Not the shared space. Not half of your house - just their bedroom and bathroom.

Of course, seek profesional advice.

 

[Animal]

You can only depreciate the square footage that the renter rents. Not the shared space. Not half of your house - just their bedroom and bathroom.

Of course, seek profesional advice.

There are a lot of mental health professionals that could be of benefit to him.