{ "media_type": "text", "post_content": "Does anyone here own a rental property out of state and do your own taxes? Or do you hire a cpa? I’m about to purchase an out of state property and withdraw the whole down payment from stocks so that’ll probably mean I have to make estimated payments as well?", "post_id": "61f8af0bfc29ca0027419e70", "reply_count": 6, "vote_count": 3, "bowl_id": "5a5242b78e26290018502ca0", "bowl_name": "The Real Estate Bowl", "feed_type": "bowl" }
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Does anyone here own a rental property out of state and do your own taxes? Or do you hire a cpa? I’m about to purchase an out of state property and withdraw the whole down payment from stocks so that’ll probably mean I have to make estimated payments as well?

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I use CPA. I have 4 out of state rentals so it gets hectic ans I want to make sure everything is done right. Peace of mind is worth the $1000 premium. Plus if I ever get audited, my CPA got it

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Gotcha! I’m buying in MCOL but live in HCOL so just worried about my taxable income next year. You just kind of have to suck up the taxes on long term capital gains for the downpayment right? Unless you were just holding cash

I usually suggest going with accountant for the first year and see what they claim. Subsequently you can file it yourself.

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That’s a really good idea, I think I will for next year at least. Thanks!

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