Property Accountant Career Guide and Counseling

Question: How much does a Senior Property Accountant (residential) get for salary? In Phoenix Arizona, how much does a Senior Residential Property Accountant get for salary? Where can I get the information?

Answer: Between 40k and 60k, depending on you responsibilities.

Question: the best accountant for a property owner is needed im massachusetts, what type of accountant is needed? we are a small size landlord, we really need an accountant whom is well versed in this field. what type of accountant is this?

Answer: This is the most basic entry-level accounting. I would interview people who are seniors in college and have this be their first job. They could easily work while still in school..

Question: Which is better personal accountant or turbo tax, I own property?

Answer: If by own property you mean rental property, then in this situation I would take it to a preparer, preferably a CPA. V B was right, you get what you pay for. If you go to a CPA, not only can they help you with depreciation, expenses you may have missed, etc, but they can also help you with tax planning which will help you on future returns as well. Oh and the CPA, or preparer's fee, will be deductible on your 2008 schedule E. If by own property you mean you own your personal residence and there's nothing else crazy on your return, by all means use Turbo Tax.

Question: My accountant told me that my invest property I pur in Jul because my income is too high at $190,000. True? All the benefits like depreciation, interest, improvement etc will not help me until I sell the property?

Answer: No. I'd get a new accountant. ASAP Start a business to handle the investment property. Don't add the investment property to your personal tax return. It costs virtually nothing to start a business except registering with the State and getting a federal ID number.

Question: I have purchased an investment property, where to from here? I purchased an investment property in Australia and didnt have a problem with legal or paperwork. I have been paying it off for a few years now under my own esteem. Who should I get to assist me with advice from here - mortgage broker, financial planner, accountant? Im confused. I'd like to purchase additional property in the near future but need to work out my finances. Not sure how?

Answer: Get an accountant, they have the knowledge of all tax implications and give sound financial advice as they would know all the loop holes etc and they do not charge as much as financial planners.

Question: Can someone tell me what the advantages are of using a certified public accountant to file your income taxes? versus just doing them yourself via TurboTax? I can see if you own a lot of property and some of your property is rented out. Or, you own your own business or a self-employed salesman, where you have several write-offs. I know someone that is getting a lousy $20 federal tax return this year, and had to pay out $300 to his accountant. Now that is stupidity. Is there something I'm missing?

Answer: I agree with you that most tax returns are relatively straight forward and many people would save money by doing their own with TurboTax. But there are several tax matters that the average person would not understand, and there may be deductions and credits that the taxpayer qualifies for that they are not aware of. My dad did his own on Turbotax for several years, then one year he went to a local CPA and the CPA found a signficant tax credit related to education I believe that my dad had missed out on. He was able to file an amended return for the previous year as well as take the credit for the current year and ended up around $2,000 better off if my memory serves me correctly. So as you stated if a person has complex transactions such as rental properties, lots of investment transactions, or are self employed, etc. they may be better off with a CPA. You are risking not paying taxes on something you should or overpaying due to a lack of knowledge if you do not hire a CPA. And the $20 return you mentioned above doesn't matter. It is easily possible that the CPA found deductions your friend did not know about and saved them from actually having to pay in taxes. Some people do have to pay in at tax time.

Question: What costs and fees are involved in setting up a family trust that will own a rental property? I'm from Australia and I want to know what fees and costs there would be in creating a family trust that will purchase and own a rental property? The trust will return a profit so will need to distribute the income to beneficiaries. There will be 5 beneficiaries, 4 of which will be under 18 years. Who do I contact to set up this trust, an accountant or a solicitor, or both? Will I be able to add further beneficiaries in the future?

Answer: I would talk to an accountant about it initially, but keep in mind that beneficiaries under 18 who do not have a form of earned income will pay excessive tax on unearned income, so it may not be the best way to do it. That is something you would have to discuss with your accountants.

Question: How do I account Home improvement costs during the time of sale of the property considering Capital Gain? If I have spent 5-6 lakhs on Home Improvements from the time I have brought this property and during the time of sale when I am calculating the Capital Gain, how do I account or show the expenses on Home improvement and also the cost incurred for advertisement, Chartered accountant fee etc? Please Advice

Answer: Those amounts are just added to the cost basis of the house. What you paid for the house plus all other improvement expenses.

Question: If I am a shareholder in a corporation, can I build a home on the property? My family owns a 1000 acre farm that is a c Corporation. I am a shareholder in the corporation, albeit a small holder. My fiance and I would like to build a home on some of the property, about 2 acres. Does the property being held in a c Corporation make it impossible to build? Or is this something decided in individual states? If anyone has any suggestions, I would appreciate it. I don't even know who to talk to. A lawyer? An accountant? Thanks.

Answer: It is up to the shareholders of the C-Corp. What are the bylaws of the C-corp? Maybe just a simple majority is needed to grant permission, maybe a 2/3rds majority. Who knows. Probably need to speak with a lawyer AND an accountant.

Question: How many years back can I claim a MN Property Tax Refund? My new wife has had her home since '01 and has never filed a Property Tax refund. How many years can I go back. My accountant says we can only go back to '07

Answer: Your accountant is correct. 2007 and 2008 are the only 2 years that are open. The deadline for filing the return is May 15th of the second year after the tax year. The 2006 return would have had to been filed by 5/15/2008 in order to be timely.